https://www.taxtmi.com/caselaws?id=332125 The Tribunal ruled in favor of the assessee, determining that the income derived from leasing an IT park should be classified as 'profits and gains of business' rather than 'income from house property.' The Tribunal considered the assessee's business activities aligned with the main objects of developing and operating IT infrastructure, as outlined in their Memorandum of Association. Emphasizing the intention of the assessee and the specific purpose of the property, the Tribunal set aside the revenue authorities' orders and directed the Assessing Officer to classify the rental income as 'profits and gains of business.' Both appeals for AY 2007-08 and AY 2008-09 were allowed in favor of the assessee. en-us Wed, 27 Jul 2016 00:00:00 +0530 Wed, 10 Apr 2019 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332125 The Tribunal ruled in favor of the assessee, determining that the income derived from leasing an IT park should be classified as 'profits and gains of business' rather than 'income from house property.' The Tribunal considered the assessee's business activities aligned with the main objects of developing and operating IT infrastructure, as outlined in their Memorandum of Association. Emphasizing the intention of the assessee and the specific purpose of the property, the Tribunal set aside the revenue authorities' orders and directed the Assessing Officer to classify the rental income as 'profits and gains of business.' Both appeals for AY 2007-08 and AY 2008-09 were allowed in favor of the assessee. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332125