https://www.taxtmi.com/caselaws?id=397078 Lease rentals from a specially developed IT park were treated as business income because the real activity was developing and exploiting a specialised business asset, not holding an idle property. On identical facts, the jurisdictional precedent was applied, and the Revenue did not show any contrary factual basis. The receipts were therefore assessable under the business head rather than as income from house property, and the assessee was entitled to deduction under Section 80IA(4)(iii) of the Income-tax Act, 1961. en-us Mon, 27 Jul 2020 00:00:00 +0530 Tue, 05 Nov 2024 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397078 Lease rentals from a specially developed IT park were treated as business income because the real activity was developing and exploiting a specialised business asset, not holding an idle property. On identical facts, the jurisdictional precedent was applied, and the Revenue did not show any contrary factual basis. The receipts were therefore assessable under the business head rather than as income from house property, and the assessee was entitled to deduction under Section 80IA(4)(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397078