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ii. The assessee was given a lease of 99 year over a plot of land measuring 3.542 acres in Salt Lake City for the exclusive purpose of setting out the building, custom built for clients like HDPI.
iii. Thereafter, a lease agreement was entered into with the HDPI for a period of 9 years subject to renewal having a minimum locking in period of 6 years.
iv. The main objects of its incorporation are to promote, setup, etc. infrastructure projects as the present one. However, it is not the memorandum of association which determines the head of the income earned under the Income Tax Act. Rather, it is the nature and extent of actual activities being carried out which determine whether the assessee had conducted any business during the financial year or not. v. The building it has made is for a specific I.T. industry and cannot be used for any other purpose. As per agreement it cannot use the building for residential or other commercial purpose. The specifications of the building or a caveat imposed on its use which determines whether the income earned from building is business income or not. Rather it is the nature and extent of activities carried out by the assessee which are the determining factors.