2021 (3) TMI 1343

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....under Section 260A of the Income Tax Act, 1961 have been filed by the Revenue against the order dated 9.12.2016 passed by the Income Tax Appellate Tribunal pertaining to the Assessment years 2008-09 and 2010-11. 3. In ITA No.458/2017 and ITA No.459/2017, the following substantial question of law arises for consideration: "Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the assessee- Company is entitled to the benefit of indexation while calculating long term capital gain which are to be considered for the purpose of computing tax liability under Section 115JB of the Act by following the decision of this Court in the case of THE COMMISSIONER OF INCOME TAX AND ANR. vs. MSR AND SONS IN....

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.... following the decision of this Court in the case of THE COMMISSIONER OF INCOME TAX AND ANR. vs. MSR AND SONS INVESTMENTS LIMITED passed in ITA No.3189/2005 dated 14.9.2011 even when the said decision has not reached finality and the computation made by the assessee in this aspect was erroneous? Since the substantial questions of law involved in these batch of appeals are similar, these appeals are heard analogously and are being decided by this common judgment. 4. The facts giving rise to filing of these appeals briefly stated are that the assessee is a company and an undertaking of the Government of Karnataka, which is engaged in financing industrial units in the State of Karnataka. The assessee filed its return of income for the assess....

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....nvolved in ITA No.459/2017 are covered by the decision of the Hon'ble Supreme Court in the case of Sri Venkata Satyanarayana Rice mill Contractors Co. -v- Commissioner of Income-tax [(1996) 89 Taxman 92 (SC)]. It is also pointed that substantial question of law involved in ITA No.460/2017 and ITA No.461/2017 is covered by the decision of this Court in the case of CIT -v- Karnataka State Industries and Infrastructure Development Corpn. Ltd. (2016) 65 Taxman.com 296 (Kar.). Whereas the substantial question of law involved in ITA No.458/2017 and 459/2017 is covered by the decision of this Court in the case of Best Trading and Agencies Ltd. -v- DCIT (2020) 119 Taxmann.com 129 (Kar.) and decision of this Court in the case of CIT -v- MSR and Sons....