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2016 (11) TMI 1735 - HC - Income TaxDetermination of tax in certain special cases - tax on LTCG u/s 112(1) - Invocation of proviso to Section 112(1) in applying the lower tax @ 10% - foreign exchange benefits - AO turned down the assessee’s claim and imposed a higher rate of tax @ 20% - as submitted that in this case, the assessee did benefit from the foreign exchange fluctuations and was therefore barred from claiming benefit under Section 112(1) - ITAT applying the lower tax @ 10% - HELD THAT:- This Court notices that the assessee’s claim was examined by the ITAT which based its decision entirely on the judgement in CAIRN UK HOLDINGS LIMITED VERSUS DIRECTOR OF INCOME-TAX [2013 (10) TMI 430 - DELHI HIGH COURT] - This Court examined the interface between Section 48 and Section 112(1) of the Act and concluded the case in favour of the assessee that, like in the case of Cairn UK Holdings Ltd. that despite deriving foreign exchange benefits, the main benefit under Section 112(1) of the Act could not be denied. Since there is a previous ruling by this Court which we have disinclined to disagree with the impugned order, no question of law arises. The appeal is therefore dismissed.
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