(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This Appeal is ADMITTED on the following substantial questions of law:
[1] Whether the Tribunal below committed substantial error of law in allowing the claim of the assessee on the issue of method of accounting by holding that the assessee's system of accounting was "cash" as against the view taken by the Assessing Officer that the same was "Mercantile".
[2] Whether the Tribunal below committed substantial error of law in holding that capital gain of Rs. 9,09,76,960/- arising out of the repurchase of Deep Discount Bonds of Nirma Ltd. 'A' Series are long-term capital gain as against short-term capital gain as held by the Assessing Officer.
[3] Whether the Tribunal below committed substantial error of law in restoring the matter of eligibility of deduction under Section 54EC of the Income Tax Act, 1961 ["the Act"] on the capital gain arising on repurchase of Deep Discount Bonds of Nirma Limited, back to the file of the Assessing Officer.
[4] Whether the Tribunal below committed substantial error of law in deleting the addition on account of interest accrued of Rs.11,86,631/- on investment in Optionally Fully Convertible Premium Notes of Adesh Finstock Pvt. Ltd.
[5] Whether the Tribunal below committed substantial error of law in allowing the claim of the assessee that the capital gain of Rs. 2,38,148/- arising out of sale of interest coupon strips of Tata Finance Ltd., Series-II, Part-B,C,D,E & F are long-term capital gains as against the claim of the Assessing Officer that those are short-term capital gains.
[6] Whether the Tribunal below committed substantial error of law in restoring the matter of eligibility of deduction under Section 54EC of the Act on capital gain arising out of the sale of interest coupon strips of Tata Finance Ltd., Series-II, Part-B,C,D, E and F back to the file of the Assessing Officer.
[7] Whether the Tribunal below committed substantial error of law in admitting the additional grounds and deleting the addition on account of interest accrued on investment in Optionally Fully Convertible Premium Notes of Nirma Industries Ltd.
Let this Appeal be heard along with Tax Appeal No. 2267 of 2010 and Tax Appeal No. 1066 of 2008.
[BHASKAR BHATTACHARYA, ACTING CJ.] [J.B.PARDIWALA, J.] pirzada/-
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