Dismissing the appeal of the revenue the Court hels that  CBDT  vide  circular No.16 of 2017 issued by the CBDT dated 25.04.2017. The CBDT after taking note of the two decisions of the Karnataka High Court held that it is now a settled position that in the case of an undertaking which develops, develops and operates or maintains and operates an industrial park/SEZ notified in accordance with the scheme framed and notified by the Government, the income from letting out the 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’. Referred CIT v.  Elnet Technologies Limited,  (2013) 30 Taxmann.com 63 (Mad) (HC)   after considering  CIT v . Chennai Properties and Investments Limited,  (2005) 274 ITR 117, (SC)  it was pointed out that income derived from letting out of the property with all amenities and facilities would be income from business and cannot be assessed either as income from house property or as income from other sources. The said decision of the Hon’ble Division Bench was appealed against by the revenue before the Hon’ble Supreme Court in SLP No.11638 of 2013 and we are informed that the appeal was dismissed on 27.01.2020  on the ground of Low Tax Effect. As regards disallowance of u/s 14A  the order of tribunal was affirmed  based on the facts that no expenditure was incurred for earning exempt income.  (AY 2011-12 ,  2012-13)