Dismissing the appeal of the revenue the Tribunal held that ;income from letting out of premises/developed space along with other amenities in industrial park/SEZ is to be charged under head profits and gains of business. Tribunal also referredCBDT Circular No.16/2017 dated 25.04.2017 has clarified that income from letting out of premises/developed space along with other amenities in an industrial park/SEZ is to be charged under the head ‘Profits and Gains of Business’. (AY. 2011-12)
ACIT v. Grew Industries Pvt. Ltd. (2018) 66 ITR 116 (Mum)(Trib.)
S. 28(i) : Business income- Income from house property-Income from letting out of premises/developed space along with other amenities in industrial park/SEZ is to be charged under head profits and gains of business. [S. 22]