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of <h1>Karnataka High Court Affirms Leasing Income in SEZs as Business Income u/s 80IA; Appeals to be Withdrawn.</h1> Income from leasing buildings and developed spaces, along with amenities in an Industrial Park or Special Economic Zone (SEZ), is to be treated as business income under the head 'Profits and Gains of Business' if the conditions of the relevant government schemes are met. This position was affirmed by the Karnataka High Court and accepted by the Central Board of Direct Taxes (CBDT). Consequently, the Department will not pursue appeals on this settled issue, and existing appeals should be withdrawn. This decision aligns with the objective of section 80IA of the Income-tax Act, 1961, and supports the development of Industrial Parks.
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