TMI Blog2016 (8) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... refore, the judgment of Apex Court in Chennai Properties and Investments Ltd. v. CIT [ 2015 (5) TMI 46 - SUPREME COURT] would squarely applicable to the present case. Hence, this Tribunal is of the considered opinion that the income from letting out of the property has to be classified as income from business and the assessee is eligible for deduction under Section 80-IA of the Act. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. - Decided against revenue. - ITA Nos. 1181, 1182 & 1183/Mds/2015 - - - Dated:- 24-8-2016 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER For the Appellant : Shri J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances, the rental income from property has to be classified as income from house property. In the instant case, according to the Ld. representative, the Olympia Tech Park is located in STPI notified area and CBDT also approved the building for deduction under Section 80-IA(4)(iii) of the Act by an order dated 15.11.2006. Therefore, according to the Ld. representative, when the assessee is systematically providing services to the software development companies, by providing specified area in the building and other infrastructure facility, this has to be classified as business of the assessee, therefore, according to the Ld. representative, the rental income has to be necessarily classified as income from business . According to the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly providing services besides letting out the property. Therefore, the judgment of Apex Court in Chennai Properties and Investments Ltd. v. CIT (2015) (373 ITR 673) would squarely applicable to the present case. Hence, this Tribunal is of the considered opinion that the income from letting out of the property has to be classified as income from business and the assessee is eligible for deduction under Section 80-IA of the Act. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 6. In the result, all the three appeals filed by the Revenue stand dismissed. Order pronounced on 24th August, 2016 at Chennai. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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