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| The Tax Publishers2020 TaxPub(DT) 3998 (Mad-HC) INCOME TAX ACT, 1961
Section 80-IA
Where main business of the company was to earn rental income as its business income, the income would be taxable under the head Income from Business or Profession entitling the assessee to have the deductions of notional expenses like depreciation and special deductions like section 80-IA, etc., and just to take a contrary view in favour of Revenue, authorities unneccesarily create a forum for litigation for assessee by taking different and divergent views, therefore, appeal of Revenue was dismissed.
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Deduction under section 80-IA - Rental income earned by assessee from olympia tech park - Allowability -
Revenue preferred appeal before this Court contending that Tribunal was not justified in upholding the order of CIT(A) directing AO to treat rental income earned by assessee from Olympia Tech Park as 'Business income' and to allow the claim on deduction under section 80-IA. Held: Where the main business of the company was to earn rental income as its business income, the income would be taxable under the head Income from Business or Profession entitling assessee to have the deductions of notional expenses like depreciation and special deductions like section 80-IA, etc. It appeared that just to take a contrary view in favour of revenue, authorities unneccesarily create a forum for litigation for the assessee by taking different and divergent views, despite there being binding precedents from High Court. Therefore, appeal of revenue was dismissed.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2006-07
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