{"id":18777,"date":"2021-05-30T18:11:38","date_gmt":"2021-05-30T12:41:38","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-tidel-park-ltd-2020-195-dtr-356-mad-hc\/"},"modified":"2021-05-30T18:11:38","modified_gmt":"2021-05-30T12:41:38","slug":"cit-v-tidel-park-ltd-2020-195-dtr-356-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-tidel-park-ltd-2020-195-dtr-356-mad-hc\/","title":{"rendered":"CIT v. Tidel Park Ltd. (2020) 195 DTR 356 (Mad) (HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court hels that\u00a0 CBDT \u00a0vide \u00a0circular No.16 of 2017 issued by the CBDT dated\u00a025.04.2017. 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 &#8216;Profits and Gains of Business&#8217;. Referred <em>CIT v. \u00a0<\/em><em>Elnet Technologies Limited,<\/em><em>\u00a0<\/em>\u00a0<strong>(2013) 30 Taxmann.com 63 (Mad)<\/strong> (HC) \u00a0\u00a0after considering \u00a0<em>CIT v . <\/em><em>Chennai Properties and Investments Limited<strong>,<\/strong><\/em><em><strong>\u00a0<\/strong><\/em><strong>\u00a0<\/strong><strong>(2005) 274 ITR<\/strong> <strong>117<\/strong><strong>,<\/strong> (SC) \u00a0it 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&#8217;ble Division Bench was appealed against by the revenue before the Hon&#8217;ble Supreme Court in SLP No.11638 of 2013 and we are informed that the appeal was dismissed on 27.01.2020 \u00a0on the ground of Low Tax Effect. As regards disallowance of u\/s 14A\u00a0 the order of tribunal was affirmed\u00a0 based on the facts that no expenditure was incurred for earning exempt income. \u00a0(AY 2011-12 , \u00a02012-13<em>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business income &#8211; Income derived from letting out of property to the tenants as income from business in the hands of the owner of the property- Assessable as business income [ S.14A, 22, 56 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-18777","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4SR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18777"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18777\/revisions"}],"predecessor-version":[{"id":18778,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18777\/revisions\/18778"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=18777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=18777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}