Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ— to be treated as business income

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..... etting out buildings/developed space along with other amenities in an Industrial Park/SEZ - to be treated as business income. The issue whether income arising from letting out of premises /developed space along with other amenities in an Industrial Park/SEZ is to be charged under head 'Profits and Gains Of Business' or under the head 'Income from House Property' has been subject m .....

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..... ld defeat the object of section 80IA of the Act and government schemes for development of Industrial Parks in the country. SLPs filed in this case by the Department have been dismissed by the Hon'ble Supreme Court. In a subsequent judgment dated 30.04.2014 in ITA No 76 & 78/2012 in the case of CIT vs. Information Technology Park Ltd. [NJRS Citation [2014-LL-0430-141]] , the Karnataka High Cou .....

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..... Government, the income from letting out of premises/ developed space along with other facilities in an industrial park/SEZ is to be charged to tax under the head 'Profits and Gains of Business'. 4. Accordingly, henceforth, appeals may not be filed by the Department on the above settled issue and those already filed may be withdrawn/ not pressed upon. 5. The above may be brought to the n .....

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