https://www.taxtmi.com/caselaws?id=410155 The High Court of Madras dismissed the appeal challenging the order of the Income Tax Appellate Tribunal for the Assessment Year 2010-11. It held that lease rent income from letting out modules of a Software Technology park constitutes business income eligible for deduction under Section 80IA of the Income Tax Act. The court relied on previous judgments and Circular No.16 of 2017 by the CBDT, clarifying that such income should be treated as 'Profits and Gains of Business.' The decision favored the assessee, emphasizing the established principles regarding income characterization from letting out property in industrial parks/SEZs. en-us Thu, 15 Jul 2021 00:00:00 +0530 Mon, 26 Jul 2021 09:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410155 The High Court of Madras dismissed the appeal challenging the order of the Income Tax Appellate Tribunal for the Assessment Year 2010-11. It held that lease rent income from letting out modules of a Software Technology park constitutes business income eligible for deduction under Section 80IA of the Income Tax Act. The court relied on previous judgments and Circular No.16 of 2017 by the CBDT, clarifying that such income should be treated as 'Profits and Gains of Business.' The decision favored the assessee, emphasizing the established principles regarding income characterization from letting out property in industrial parks/SEZs. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410155