https://www.taxtmi.com/caselaws?id=289508 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee on all issues. It classified the rental income as "income from business" instead of "income from house property," considering the specialized nature of the property. The Tribunal allowed the deduction under Section 80-IA, emphasizing that when a property is let out for business purposes, the rental income qualifies as income from business. However, the Tribunal upheld the disallowance under Section 14A for exempted income due to the lack of evidence provided by the assessee regarding the taxable nature of investments. en-us Fri, 05 Aug 2016 00:00:00 +0530 Tue, 04 Aug 2020 20:13:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289508 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee on all issues. It classified the rental income as "income from business" instead of "income from house property," considering the specialized nature of the property. The Tribunal allowed the deduction under Section 80-IA, emphasizing that when a property is let out for business purposes, the rental income qualifies as income from business. However, the Tribunal upheld the disallowance under Section 14A for exempted income due to the lack of evidence provided by the assessee regarding the taxable nature of investments. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289508