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2013 (7) TMI 650 - ITAT MUMBAIRate of tax on LTCG - Section 112 of the Income Tax Act,1961 read with Section 48 of the Act - Long-term capital gains be worked out each transaction wise and tax should be charged at 10 percent or 20 percent (without indexation/with indexation respectively) whichever is beneficial to the assessee/at the option of the assessee, ignoring that the law with respect to taxation of long-term capital gain on sale of shares had undergone a change with effect from 2000-01 wherein long-term capital gain on sale of shares could be offered to tax at 10 percent plus surcharge instead of 20 percent plus surcharge, if the cost is not modified by adopting the cost inflation index – Held that:- Legislature intended to tax the capital gains with indexation at 20 percent and to limit the tax on capital gains on transfer of listed securities or units or zero coupon bonds computed without indexation to 10 per cent thereof – Appeal dismissed – Decided against the Revenue. Decision in Mohanlal N. Shah (HUF) v. Asst. CIT [2008 (9) TMI 614 - ITAT MUMBAI] followed.
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