Income from Olympia Tech Park classified as "income from business" under Section 80-IA. Tribunal dismisses Revenue's appeals.

The Tribunal upheld the lower authority's order, dismissing all three appeals filed by the Revenue. It concluded that the income from letting out the property, Olympia Tech Park, should be classified as "income from business," allowing the assessee to claim the deduction under Section 80-IA of the Income-tax Act, 1961.

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Issues:
- Appeal against common order by Commissioner of Income Tax (Appeals) for assessment years 2009-10, 2010-11, and 2011-12.
- Deduction claimed under Section 80-IA of the Income-tax Act, 1961.

Analysis:
The judgment pertains to three appeals by the Revenue against a common order by the Commissioner of Income Tax (Appeals) for assessment years 2009-10, 2010-11, and 2011-12. The main issue in all three appeals is the deduction claimed by the assessee under Section 80-IA of the Income-tax Act, 1961. The Departmental Representative argued that the rental income from a building should be classified as income from house property, making the assessee ineligible for the deduction. On the other hand, the representative for the assessee contended that the building, Olympia Tech Park, was constructed with infrastructure facilities for IT park purposes and should be classified as income from business, making the assessee eligible for the deduction.

The Tribunal considered the submissions from both sides and examined the relevant material on record. It noted that the assessee established Olympia Tech Park in an STPI notified area, providing infrastructure facilities to software development companies. The Tribunal observed that the building was not just a structure but had specific facilities for software development services. Citing the judgment of the Apex Court in Chennai Properties and Investments Ltd. v. CIT, the Tribunal concluded that the income from letting out the property should be classified as "income from business," making the assessee eligible for the deduction under Section 80-IA of the Act. Consequently, the Tribunal upheld the lower authority's order, dismissing all three appeals filed by the Revenue.

In conclusion, the Tribunal affirmed that the income derived from letting out the property, Olympia Tech Park, should be categorized as "income from business," thereby entitling the assessee to claim the deduction under Section 80-IA of the Income-tax Act, 1961.

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