TaxTMI 
TaxTMI 
2018 (12) TMI 1218
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....wing Substantial Questions of Law: "1.Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the appellant is not entitled to deduction under Section 80IA in respect of interest income from deposit amounting to Rs. 4,79,21,226/-, Miscellaneous Income of Rs. 46,72,181/-, other rent of Rs. 1,01,98,239/-? 2.Whether on the facts and circumstances of the case, the Tribunal failed to appreciate the entire income of the Appellant is derived only from developing, running and maintaining of infrastructure project (STP) and hence no part of the same can be excluded in computing the relief under Section 80IA?" 3.Heard Mr.M.Swaminathan, the learned counsel for the appellant/assessee and Mr.Vijayaraghavan,....
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....etween the source and the income generated. 6.The assessee filed appeal before the Commissioner of Income Tax (Appeals-III) ('CITA' for brevity). The CITA agreed with the view taken by the Assessing Officer and held that the facilities on leased property cannot be stated to be part of infrastructure project under consideration. There were other issues which were dealt with in the appeal and the matter was remanded by the appellate authority to the Assessing Officer for a decision on those issues. 7.In respect of the denial of the exemption under Section 80IA of the Act, in so far as it relates to interest income, miscellaneous income and other rent, the assessee preferred appeal before the Tribunal. The Tribunal agreed with the vi....
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....emises/developed space along with other amenities in Industrial Park/SEZ is to be treated as business income. Reliance was also placed on the decision of the High Court of Karnataka in the case of Commissioner of Income Tax and another v. Information Technology Park [(2014) 369 ITR 0460(Karn)], wherein it was held that rental income received by the assessee cannot be chargeable to tax as rental income received by the assessee fell under 'business income' and not under 'income from house'. Reliance was placed on the decision of the High Court of Karnataka in the case of Commissioner of Income Tax vs. Velankanni Information Systems (P) Ltd., [(2013) 218 TAXMAN 0088 (Karnataka)], wherein it was held that where agreements were e....
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....matter can be remanded to the Assessing Officer for fresh consideration. We say so because, the matter has been remitted to the Assessing Officer on other issues, viz., merits of the assessment, as canvassed by the assessee. So far as, the claim for exemption under Section 80IA of the Act is concerned, it requires interpretation of the documents and how the income was treated in the hands of the assessee and how the contracting parties understood the transaction, whether the notification issued by the Government of India mandates the provision of other amenities and facilities and whether these amenities and facilities are integral part of the infrastructural project, are all factual matters to be decided by the Assessing Officer. Though th....