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2011 (10) TMI 78 - HC - Income TaxSale of equity shares - Rate of tax on long term capital gain - 10% or 20% u/s 112 - Held that:- assessee is entitled to raise the legal issue before the first Appellate Authority, which possessed co-terminus powers similar to the A.O. as per ratio laid down by Hon'ble Supreme Court in the case of Jute Corporation of India Ltd. (1990 -TMI - 5320 - SUPREME Court). Hence, CIT (A) has rightly adjudicated the statutory right of the assessee and directed to allow the long term capital gain at the of 10%. - Decided in favor of assessee.
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