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2018 (10) TMI 1354 - HC - Income TaxIncome from sub-lease of land - to be assessed under the head “incomes from other sources” OR “business income” - Held that:- The assessee's business for development of Bio-Tech Park was already up and commenced, and therefore, it was held that the sub-lease income was assessable as business income. In fact, these orders of the CIT(A) were subjected to further appeal before the ITAT, which confirmed the orders of the CIT(A). Addition in respect of interest on borrowed capital utilized for construction of the property - CIT-A deleted the addition - Held that:- CIT(A) by following his own order in the case of the very same assessee for the A.Y. 2008-09, had deleted the addition made by the A.O. This decision of the CIT(A) was once again confirmed by the ITAT. For that A.Y. the ITAT held that if the interest is paid by the assessee on the capital used for acquiring or construction of the assets that are used for earning taxable income, then his claim for interest expenditure has to be allowed. The relevant finding of the Tribunal for the A.Y. 2008-09. ITAT held that there was no justifiable reason to interfere with the decision of the CIT(A).
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