S. 112


Cairn UK Holdings Ltd v DIT [2013] 38 taxmann.com 179 (Delhi) IT/ILT : Proviso to section 112(1) doesn’t deny benefit of lower tax rate of 10% on long-term capital gains from sale of listed securities to a non-resident investor availing benefit of exchange rate neutralization under first proviso to section 48. The said benefit of lower tax rate of 10% can’t be denied on the ground that indexation benefit under 2nd proviso is not applicable. It is incorrect to say that 10% rate under proviso to section 112(1) applies only where indexation benefit under 2nd proviso to section 48 applies and still assessee opts to not avail it 

Benefit of first proviso to sec. 48 r.w. sec. 112 concessional rate is available to ...