TaxTMI 
TaxTMI 
2020 (8) TMI 155
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....ppeal aggrieved by the order of the learned Income Tax Appellate Tribunal, Madras "B" Bench, dated 27.09.20213 in ITA.No.2122/Mds/2011 for the assessment years, 2008-09, dismissing the appeal of the Revenue and upholding the order of the learned Commissioner of Income Tax (Appeals) VI, Chennai, dated 30.09.2011 for the assessment year 2008-09 and holding that except the interest income of Rs. 7,74,19,358/- and other income of Rs. 21,29,999/-, rest of the incomes are assessable under the head "income from business" for the purpose of computing deduction under section 801A(4) of the Act and to treat interest income and other income only under the head "income from other sources" and allow deduction under section 80IA on rest of the incomes i.....
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....ome from business' and such income is eligible for deduction under section 80lA of the Act. 11. Further, the co-ordinate Bench of this Tribunal in the case of ACIT Vs. Ticel Bio Park Ltd. (supra) affirming the order of the Commissioner of Income Tax (Appeals) held that rental income, operation and maintenance income, a/c. charges, electricity charges are eligible for deduction under section 80IA(4) of the Act. 12. Following the decision of the Hon'ble Madras High Court in the case of Elnet Technolgies Pvt.Ltd (supra) and the decision of the co-ordinate Bench of this Tribunal in the case of Ticel Bio Park Ltd. (supra), we hold that except the interest income of Rs. 7,74,19,358/- and other income of Rs. 21,29,999/- rest of the inc....
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....ssessee has not only shown part of its income as income from other property, but has only allowed the claim of the Assessee to tax the income from the software companies in the form of lease rentals from Olympia Tech Park as income from business and thereupon allowing this deduction under Section 80IA of the Act, which is allowed only if the income from business is taxed under the head "Income from business" at the hands of the Assessee. We do not find any material on record to establish that such income of the Assessee during the relevant year was from any of its idle properties and the Assessee company used to enjoy such properties as a landlord from only earning the rental income. 8. On the contrary, it seems that the Assessee diversif....