Income from Leasing IT Park Property Classifiable as Business Income: Madras HC [Read Order]

The court held that the income generated from leasing out the property, combined with the provision of business-related services and infrastructure, constituted business income
By Varda Marakkar - On September 17, 2024 12:39 pm - 2 mins read
Madras High Court - Madras HC - IT Park - IT Park Property - Business Income - Rental Income - Rental Income from IT Park Property - TAXSCAN

In a recent ruling, the Madras High Court upheld the Income Tax Appellate Tribunal’s (ITAT) decision that income derived from leasing out property in an IT park should be classified as business income, rather than income from house property. This judgment came in response to multiple appeals filed by the Income Tax Department against the…

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