Lease Rent from Industrial Park Property Taxable as Business Income: Madras HC

CIT Vs Ascendas IT Park (Chennai) Ltd. (Madras High Court) Madras High Court held that lease rent received from letting out property in industrial park is chargeable to tax under the head ‘Income from Business’ and not under the head ‘Income from house property’. Facts- The appellant has filed these appeals against the Impugned Order for Assessment Year 2008-09 dated 11.09.2014 and Impugned Common Order for Assessment years 2006-07, 2009-10 and 2007-08 respectively passed by the Income Tax Appellate Tribunal. In all these appeals, common questions of law has arisen as to whether the in...