Allowing the appeal the Court held that the Tribunal was not right in holding that the assessee’s income from the technology park owned, developed and maintained by it was assessable under the head Income from house property and not under the head Income from business. Court also held that the Appellate Tribunal is not justified in remitting the matter to the AO after holding that the assessee is eligible deduction u/s. 80IAB of the Act .( AY.2008-09)
Lulu Tech Park Pvt. Ltd. v. PCIT (2020) 428 ITR 514 (Mad)(HC)
S. 28(i) : Business income – Income from house property – Rental income from technology park- Assessable as business income – Special Economic Zone -Appellate Tribunal – Remitting the matter is held to be not proper [ S.22, 80IAB , 254(1) ]