Income from Leasing IT Park Property Classifiable as Business Income: Madras HC

The Madras High Court ruled that income from leasing out properties within an IT Park should be classified as business income rather than rental income. The court held that leasing is an integral part of the taxpayer's business, as the IT park is developed with substantial infrastructure and amenities, and merely leasing such property qualifies as a business activity. This judgment underscores the significance of the nature of operations when determining income classification, ensuring that it aligns with the business’s core activities.