https://www.taxtmi.com/caselaws?id=446953 ITAT Delhi allowed the taxpayer's appeal regarding deduction u/s 80IA(4)(iii) for industrial park income. The tribunal held that rental income from notified SEZ buildings remains taxable under "Income from House Property" despite claiming 80IA deduction, as the AO had previously accepted this classification. The court ruled that 80IA deduction is available irrespective of income head classification, provided income derives from notified industrial park operations. Signage income from tenants was deemed eligible for 80IA deduction as it's intrinsically connected to industrial park operations. The tribunal also allowed deductions for facility management services, deleted TDS disallowance u/s 40(a)(i) for payments to US company without PE in India, and permitted full interest deduction under house property income where borrowings were used for rental-yielding property investments. en-us Wed, 29 Nov 2023 00:00:00 +0530 Fri, 15 Dec 2023 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446953 ITAT Delhi allowed the taxpayer's appeal regarding deduction u/s 80IA(4)(iii) for industrial park income. The tribunal held that rental income from notified SEZ buildings remains taxable under "Income from House Property" despite claiming 80IA deduction, as the AO had previously accepted this classification. The court ruled that 80IA deduction is available irrespective of income head classification, provided income derives from notified industrial park operations. Signage income from tenants was deemed eligible for 80IA deduction as it's intrinsically connected to industrial park operations. The tribunal also allowed deductions for facility management services, deleted TDS disallowance u/s 40(a)(i) for payments to US company without PE in India, and permitted full interest deduction under house property income where borrowings were used for rental-yielding property investments. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446953