TMI Blog2021 (3) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 14A read with Rule 8D - HELD THAT:- Substantial question of law involved is covered by the decision of this Court in the case of CIT v- Karnataka State Industries and Infrastructure Development Corpn. Ltd. [ 2015 (11) TMI 1631 - KARNATAKA HIGH COURT] 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 - HELD THAT:- Substantial question of law involved is covered by the decision of this Court in the case of Best Trading and Agencies Ltd. [ 2020 (9) TMI 94 - KARNATAKA HIGH COURT] and decision of this Court in the case of MSR and Sons Investments Ltd. [ 2011 (9) TMI 1127 - KARNATAKA HIGH COURT] - ITA NO.460 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation: Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance under Section 14A read with Rule 8D of the Act by following the decision of this Court in ITA No.423/2014 disposed on 20.11.2015 (COMMISSIONER OF INCOME TAX vs. KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.) in the case of the assessee for the assessment year 2009-10 even when the said decision has not reached finality? In ITA No.459/2017, the following substantial questions of law arise for consideration: (i) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in allowing deduction for payment under Section 37 of the Act towards dona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice under Section 143(2) of the Act was issued for the assessment year 2010-11 and an order of assessment dated 21.12.2010 was passed under Section 143(3) of the Act, by which the assessing authority has recomputed the disallowances under Section 14A of the Act for a sum of ₹ 1,76,00,000/- and difference of ₹ 1,57,35,410/- was disallowed and added back to income. The assessing authority also made other disallowances. Being aggrieved, the assesse filed appeal before the Commissioner of Income Tax, who, by order dated 17.9.2013 has deleted the additions made by the assessing authority. The Revenue thereupon filed appeals before the Tribunal. The Tribunal by a common order dated 9.12.2016 has dismissed the appeals preferred by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sri Venkata Satyanarayana Rice Mill Contractors (supra), the 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. (supra) and 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. (supra) and decision of this Court in the case of MSR and Sons Investments Ltd. (supra). 9. For the reasons assigned therein, the substantial questions of law involved in these appeals are answered against the Revenue and in favour of the assessee. 10. In the result, we find no merit in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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