2019 (1) TMI 803

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....l is filed by the revenue challenging the judgment of the Income Tax Appellate Tribunal. 2. Following question has been presented for our consideration: "Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in upholding the Ld. CIT(A) decision that interest received has a direct nexus with the development activities and hence eligible for deduction u/s. 80....

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....d the Tribunal concurrently hold that such income was also derived from the assessee's principal business of leasing out the premises in I.T. Parks and S.E.Z. areas. We are broadly in agreement with the view of the Tribunal. The assessee having paid excess income tax, received refund with interest. Further, the assessee had obtained deposits from the lessees for performance guarantee which wou....