Income Tax Officer vs Information Technology Park Ltd.

Authority: ITAT Tribunal/Court: Bangalore Date: 2012-05-31 AY: 1999-00, 2000-01 Section: 234A, 36(1), 14A, 32, 37(1) Acts: Income Tax Act 1961 Result: Assessee Citation: (2011) 30 CCH 237 BangTrib (2012) 49 SOT 491 (Bangalore) : (2013) 24 ITR (Trib) 218 (Bangalore) Justices: N. BARATHVAJA SANKAR, VP "," GEORGE GEORGE K, JM. Appeal No: ITA Nos. 1147 ", " 1152/Bang/2010 ", " C.O. Nos. 35 ", " 40/Bang/2011
Whether lease rental income from a technology park should be assessed as 'income from business' or 'income from house property' --- Held: Business Income. Whether reassessment proceedings under section 147 were validly initiated --- Held: Yes. Whether interest income from surplus funds should be assessed as 'business income' or 'income from other sources' --- Held: Income from Other Sources.

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