The income which comes through the tenant by providing it on rent with facilities in the industrial park or SEZ has to be called as the business income of the property owner said Madras High Court while holding the order for the tribunal.
The problem was raised for the case or the fact, the Income Tax Appellate Tribunal was correct that the income generated from letting out the property on rent and the income from the business is in hands of the owner of the property.
The tribunal has relied on the decision of the court for the case of CIT Vs. Elnet Technologies ltd, but whereas it has to involve in the assessee business. For finding out the accessibility of the receipts of business income, but if there is no receipt under any details heads will come under the residuary head of income as from another source.
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The court has revealed the circular No.16 in 2017 given by CBDT dated on April 25, 2017. after standing on the decision by CBDT the two decision of the Karnataka high court has now been settled in the position for the case of development, maintenance, and operation of the industrial park which is notified according to the schemes by the Government, the income from rent of the Special Economic Zone (SEZ) 
Get to know the complete details of supplies given to SEZ under GST India. Also, we have covered GST rules, provisions and goods export to SEZ. Read more along with the other facilities is to be charged for the profits of the rent.
The CIT vs Chennai properties and investment ltd refers from the division bench of Justice T.S. Sivagnanam and Justice V. Bhavani Subbaoyan states that income from rent with amenities is said to be the income from business and it cannot be assessed to be as property income.
