Bangalore ITAT allows
assessee’s (a Government undertaking) appeal for AY 2008-09, holds
that long term capital gains (‘LTCG’) arrived at by reducing indexed cost
of acquisition from asset’s sale proceeds to be considered for computing MAT
liability u/s 115JB; Observes that clause (ii) to Explanation to Sec.
115JB provides that amount of income u/s 10 [other than provisions of Sec.
10(38)/ 11/ 12], credited to P&L a/c shall be reduced from book profits for
MAT computation; Further observes that the term 'any income’ used in Sec.
10(38) refers to only the amount of LTCG as computed u/s 48 which provides for
computation of capital gains after the reduction of cost of acquisition; Thus
rules that the “benefit of indexation of cost of acquisition should be
given to the assessee while computing long term capital gain for the purpose of
section 115J8 of the Act”, relies on SC ruling in Ajantha Pharma and
coordinate bench ruling in M.S.R & Sons Investments Ltd.; Separately
on noting that the assessee was set-up for infrastructure development allows
contribution to Chief Minister's Relief Fund (towards development and
reconstruction of infrastructure facility in Karnataka) as business expenditure
u/s 37 , relies on SC ruling in Sri Venkata Satyanarayana Rice Mill
Contractors Co. in this regard:ITAT
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