TMI Blog2021 (8) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Justice M.Duraiswamy And Hon'ble Mrs.Justice R.Hemalatha For the Appellant : Mr.M.Swaminathan Senior Standing Counsel And Mrs.V.Pushpa Junior Standing Counsel For the Respondent : Mr.Vikram Vijayaraghavan for M/s.Subbaraya Aiyar Padmanabhan JUDGMENT M.DURAISWAMY, J. Challenging the order passed in I.TA.No.1656/Mds/2014 in respect of the Assessment Year 2005-06 on the file of the Income Tax Appellate Tribunal, Chennai, D Bench, the Revenue has filed the above appeal. 2.The only issue in the appeal of the Revenue is that the Income Tax Appellate Tribunal erred in holding that the lease rent income received from letting out modules of Software Technology park to various lessees would constitute income fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vs. M/s. Tidal Park Ltd., 4, Rajiv Gandhi Salai, Taramani, Chennai 600 113] wherein this Bench held as follows: ... 2.The above appeal was admitted on the following substantial questions of law: Whether the Tribunal was right in holding that the income derived from letting out of property to the tenants for the purpose of running a software technology park is 'income from business'? 3.When the appeal is taken up for hearing, Mr.M.Swaminathan, learned Senior Standing Counsel for the appellant/Revenue fairly submitted that the issue involved in the above appeal has already been decided by the Hon'ble Division Bench of this Court, by its Judgment dated 07.07.2020 in T.C.A. No.732 733 of 2018, wherein the Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e arising on the leasing of the property was business of the assessee, one has to get into the nature of the business of the assessee, to find out the receipts are assessable under the head of income from house property or as business income and if receipts does not fall in any of those classified heads, would fall consideration under the residuary head of income as income from other sources. 11.After referring to the decision in the case of CIT Vs. Chennai Properties and Investments Limited, reported in (2005) 274 ITR 117, it was pointed out that income derived from letting out of the property with all amenities and facilities would be income from business and cannot be assessed either as income from house property or as income from ot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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