Ito vs Information Technology Park Ltd.

Authority: ITAT Tribunal/Court: Bangalore Date: 2011-11-30 AY: 2000-01 Section: 80-IA, 253 Acts: Income Tax Act 1961 Result: Assessee Citation: 112 Taxpundit 81 Justices: N. Barathvaja Sankar, VP and George George K, JM Appeal No: ITA Nos. 1147 to 1152/Bang/2010
Whether lease rental income from a technology park should be taxed as 'income from business' or 'income from house property' --- Held: Business Income. Whether interest from surplus funds should be taxed as 'income from business' or 'income from other sources' --- Held: Income from Other Sources. Whether reassessment proceedings for AYs 1999-2000 to 2002-03 were validly initiated --- Held: Yes. Whether revenue's appeal before the Tribunal was time-barred --- Held: No.

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