2016 (8) TMI 1452

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....lant : Shri Jayaram Raipura, CIT For the Respondent : Shri Ajith Kumar Choradia, CA ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: All the three appeals of the Revenue are directed against the common order passed by the Commissioner of Income Tax (Appeals) - II, Chennai, dated 03.11.2014 and pertain to assessment years 2009-10, 2010-11 and 2011-12. Since common issue arises for considerati....

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.... Shri Ajith Kumar Choradia, the Ld. representative for the assessee, submitted that the assessee constructed a building called "Olympia Tech Park". It has all infrastructure facilities with all specifications and amenities required for IT park. Under normal circumstances, the rental income from property has to be classified as income from house property. In the instant case, according to the Ld. r....

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....house property has to be treated as income from business, therefore, eligible for deduction under Section 80-IA of the Act. In view of the above, according to the Ld. representative, the contention of the Ld. D.R. that the income has to be classified as income from house property is not justified. Referring to the grounds of appeal raised by the assessee, the Ld. representative submitted that the ....

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.... has infrastructure facilities for the purpose of development of software. The assessee is systematically providing services besides letting out the property. Therefore, the judgment of Apex Court in Chennai Properties and Investments Ltd. v. CIT (2015) (373 ITR 673) would squarely applicable to the present case. Hence, this Tribunal is of the considered opinion that the income from letting out of....