- (1.) Two learned Judges while deciding the Income Tax Appeal No. 128 of 2008 in which the following substantial question of law was involved. Whether, on the facts and circumstances of the case, the assessee Corporation is " Local Authority" and entitled for benefit of exemption under Section 10(20) of the Income Tax Act 1961 ? by separate orders have given their findings and conclusions Brother Mr. Justice Devi Prasad Singh has allowed the Revenue Appeal in toto, whereas Brother Justice Dr. Satish Chandra has disposed of the appeal by answering the aforementioned substantial question of law partly in favour of the Assessee and leaving it open regarding two other wings. The following question was formulated on the point of difference: Whether, the U.P. Jal Nigam is 'local authority', and is entitled for benefit of exemption under Section 10(20) of Income Tax Act 1961.
(2.) Hon'ble the Chief Justice vide order dated 15.11.2011 had been pleased to nominate this matter to this Bench.
(3.) Heard Mr. D.D. Chopra, learned Standing Counsel appearing for the Revenue, Shri Jai Deep Narain Mathur learned Senior Counsel assisted by Shri Mohit Agrawal Advocate on behalf of respondent Assessee and perused the separate opinions recorded by my learned Brothers.;