TMI Blog2018 (12) TMI 1218X X X X Extracts X X X X X X X X Extracts X X X X ..... documents were not placed before the Tribunal, we do not want to shut out the assessee on technicalities, as the issue is a recurring issue and the endeavour should be to give a quietus to the issue and to ensure that the correct income is taxed at the hands of the assessee. Thus, for the above reasons, the order passed by the Tribunal on the above issue is set aside and the matter is remanded to the Assessing Officer for fresh consideration. The assessee is granted liberty to place all the documents before the Assessing Officer, who shall consider that issue afresh. So far as the sample Lease Deed is concerned, we are fully conscious of the fact that it is dated 12.07.2010 and obviously the assessee could not have produced the same eit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr.M.Swaminathan, the learned counsel for the appellant/assessee and Mr.Vijayaraghavan, the learned Counsel for the respondent/Revenue. 4.The only issue which falls for consideration is as to whether the assessee/M/s.Tidel Park Ltd., is entitled for claiming exemption under Section 80IA of the Income Tax Act, 1961 in respect of interest income, miscellaneous income and other rent. 5.The assessee company, during the assessment year in question (2003-04), has shown interest income, other miscellaneous income and rent etc. The assessee contended that they had taken the land on lease from the adjacent property with M.G.R.Film City and in this land, the facilities of swimming pool, play area, parking are provided to the members and the mis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd other rent, the assessee preferred appeal before the Tribunal. The Tribunal agreed with the view expressed by the Assessing Order and the Commissioner of Income Tax (Appeals) and held that the miscellaneous income and rental income cannot be said to be profits and gains 'derived' by the undertaking from the eligible business. Aggrieved by the same, the assessee is before this Court with this appeal. 8.The learned counsel appearing for the assessee referred to the approval granted for setting up of industrial park by the Government of India, vide Notification dated 24.05.1999. Referring to the terms and conditions of the approval, it is submitted that the Notification mandates certain facilities to be provided as common facilit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Systems (P) Ltd., [(2013) 218 TAXMAN 0088 (Karnataka)] , wherein it was held that where agreements were entered into contemporaneously and object was to enjoy the entire property, viz., building, furniture and accessories as a whole, which was necessary for carrying on business, income derived there from cannot be separated based on separate agreement entered into between the parties and the entire income is assessable as business income. For the above grounds, the learned counsel for the assessee submits that the order passed by the Tribunal calls for interference. 9.The Learned counsel appearing for the Revenue, while seeking to sustain the order passed by the Tribunal, submitted that the CIT(A) and the Tribunal rightly interpreted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the infrastructural project, are all factual matters to be decided by the Assessing Officer. Though the Revenue would contend that the documents were not placed before the Tribunal, we do not want to shut out the assessee on technicalities, as the issue is a recurring issue and the endeavour should be to give a quietus to the issue and to ensure that the correct income is taxed at the hands of the assessee. 11.Thus, for the above reasons, the order passed by the Tribunal on the above issue is set aside and the matter is remanded to the Assessing Officer for fresh consideration. The assessee is granted liberty to place all the documents before the Assessing Officer, who shall consider that issue afresh and take a decision on meri ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
