Case Law Details
DCIT Vs Magarpatta Township Development and Construction Company Limited (ITAT Pune)
It was submitted by the ld. DR that the assessee is a company which had undertaken development of integrated township. The assessee had claimed the license fees received from the persons for the use of the IT Parks provided along with various infra structural and other facilities and services under the head ‘Income from business’. However, the AO had considered the same under the head ‘Income from house property’.
The Hon’ble High Court further held that the question was not pressed by the Revenue in view of the CBDT Circular No. 16 of 2017 dated 25th April, 2017 wherein it has been clarified that income arising from the letting out of the premises in an Industrial Park/SEZ, are to be charged under the head “Profits and gains of business” and not under the “head Income form house property”.
FULL TEXT OF THE ITAT JUDGEMENT
This is an appeal filed by the Revenue against the order of the ld. Commissioner of Income Tax (Appeals)-3, Pune in Appeal No. PN/CIT(A)- 3/Rg-3, Pn/145/2014-15 dated 27-02-2017 for the assessment year 2011-12.
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