https://www.taxtmi.com/caselaws?id=183010 The High Court of Karnataka dismissed an Income Tax appeal, affirming that rental income from letting out buildings in a technical park constitutes 'business income' rather than 'income from house property.' The Court emphasized that the intention behind the lease agreements and facilities provided must be considered to determine income classification. It was held that if the assessee is engaged in developing, operating, and maintaining an industrial park as a business, the income is classified as profits and gains of business or profession, not income from house property. The appeal by the Revenue was dismissed. en-us Tue, 01 Apr 2014 00:00:00 +0530 Thu, 26 May 2016 08:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183010 The High Court of Karnataka dismissed an Income Tax appeal, affirming that rental income from letting out buildings in a technical park constitutes 'business income' rather than 'income from house property.' The Court emphasized that the intention behind the lease agreements and facilities provided must be considered to determine income classification. It was held that if the assessee is engaged in developing, operating, and maintaining an industrial park as a business, the income is classified as profits and gains of business or profession, not income from house property. The appeal by the Revenue was dismissed. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183010