TaxTMI 
TaxTMI 
2014 (2) TMI 946
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..... 2. Whether the CIT (A) was correct in fact and in law in accepting the contention of the assessee-firm that its main object was to derive business income. Whereas the facts emerge that the property was acquired by outright purchase with an intention to derive property income. 3. Whether the CIT(A) was correct in fact and in law in accepting the contention of the assessee-firm that its main object was to derive business income, whereas the AO has given a clear finding that the assessee-firm is disclosing receipts of "Rent, Maintenance Charges" and "Interests" on deposits from tenants" - items which clearly determine rental/ house property income. 4. Whether the CIT(A) was correct in fact and in law in accepting the contention of t....
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....,08,70,681 2009-10 9,08,70,327 2010-11 8,39,07,135 5. After disallowing the depreciation claimed, the AO had arrived at the following net losses, from property income, after setting off with the income from other sources to the extent of Rs. 3,51,434/-, Rs. 51,27,590/- and Rs. 61,90,380/- for the years under consideration: A.Y. Rs. 2008-09 1,39,60,719 2009-10 1,94,94,579 2010-11 73,73,439 6. The main issue involved is treatment of income derived from the business operation and maintenance of software park, which was approved for deduction u/s. 80IA, as income from property. The assessee made outright purchase of Industrial Park (e-park), located at Kondapur, Hyderabad developed by M/s. Meenakshi Inf....
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....i Infrastructure Pvt. Ltd. was notified (vide notification No. 216 Committee of the Ministry of Commerce vide a letter in No. 15/12/2006-ID dated 10.04.2007. (ii) Meenakshi Infrastructure Pvt. Ltd. transferred the operation and maintenance of the above e-park to Vijay Infotech Ventures and the Department of Industrial Policy and Promotion had approved the above transfer vide a letter No. 15.12.06/IP and ID, dated 03.08.2007, and the transfer of operation and maintenance of above e-park was taken on record as per the provisions of section 80IA of IT Act, 1961. In view of the above, Vijay Infotech Ventures is entitled for deduction u/s. 80IA for the unexpired portion of tax holiday. (iii) After careful consideration of the above submiss....
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....he Revenue is in appeal before us. 11. The learned DR relied on the order of the AO and submitted that the assessee's income is to be computed under the head 'income from house property' and thereafter assessee is not entitled for set off of carried forward losses or depreciation. 12. The learned AR relied on the order of the CIT(A) and also on the following case-law: (a) Magarpatha Township Development & Construction Co. vs. DCIT, ITA No. 822/PN/2011 (Bench B, Pune). (b) Global Tech Park (P) Ltd. vs. ACIT, ITA No. 1021/Bang/2007 (Bang.) (c) Golflink Software P. Ltd. vs. DCIT, ITA Nos. 52 & 53/Bang/2010 (Bang.) (d) Harvinderpal Mehta HUF vs. ACIT, 122 TTJ (Mum) 163. (e) Mahindra Gesco Developers Ltd., ITA No. 3404/Mum/0....
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....ng a new infrastructure facility;] (c) it has started or starts operating and maintaining the infrastructure facility on or after the 1st day of April, 1995: Provided that where an infrastructure facility is transferred on or after the 1st day of April, 1999 by an enterprise which developed such infrastructure facility (hereafter referred to in this section as the transferor enterprise) to another enterprise (hereafter in this section referred to as the transferee enterprise) for the purpose of operating and maintaining the infrastructure facility on its behalf in accordance with the agreement with the Central Government, State Government, local authority or statutory body, the provisions of this section shall apply to the transferee ent....