2014 (9) TMI 1237

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....R Dr.O.K.NARAYANAN, J. The appeal is filed by the Revenue. The cross objection is filed by the assessee. The assessment year is 2008-09. 2. The ground raised in the appeal by the Revenue is that the Commissioner of Income-tax(Appeals) has erred in holding that the lease rental income is to be treated as business income and in deleting the disallowance of expenditure made by the Assessing Offic....

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....t case. It is also the case of the Revenue that renting out of amenities by way of a common agreement along with the property does not alter the nature of income received by the assessee and as such the said distinction cannot be converted the income in the hands of the assessee as business income. 3. As stated in the object clause of the assessee company, the main object of the assessee is to ca....

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.... and facilities; that the Memorandum of Association indicates that the company has been formed with the intention of commercially exploiting the property by developing and maintaining a technology park; that sec.80IA of the Act and the industrial park scheme recognize and lays emphasis on the fact that income from developing, developing and marketing, or maintaining or operating an industrial park....

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....d. v. CIT, 263 ITR 143, what was let out to the tenant is 'table space' and in such circumstance the Hon'ble Apex Court has held that it was a case of letting out the property. In the case of Chennai Properties & Investments Ltd., 266 ITR 685, the assessee was owning two buildings and was receiving rental income from them. As rightly held by the Commissioner of Income-tax(Appeals), the cases relie....