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| The Tax Publishers2021 TaxPub(DT) 4185 (Karn-HC) : (2021) 281 TAXMAN 0236 INCOME TAX ACT, 1961
Secton 14
Income earned from letting out of building along with other amenities in industrial park would be treated as 'Income from business and profession' and not as 'Income from house property'.
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Head of Income - Income earned from letting out of building along with other amenities in industrial park - Income from business and profession' or 'Income from house property' -
Issue under consideration was whether income earned by assessee-company from letting out of building along with other amenities in industrial park would be treated as 'Income from house property' or 'Income from business and profession'.Held: In view of decision of a Cordinate Bench of this High Court in case of CIT v. Velankani Information Systems (P.) Ltd. (2013) 218 Taxman 88 (Karn-HC) : 2014 TaxPub(DT) 4270 (Karn-HC), income earned by assessee from letting out of building along with other amenities in industrial park would be treated as 'Income from business and profession'.
Followed:CIT v. Velankani Information Systems (P.) Ltd. (2013) 218 Taxman 88 (Karn-HC) : 2014 TaxPub(DT) 4270 (Karn-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
IN THE KARNATAKA HIGH COURT
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