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2018 (3) TMI 738 - AAR - Income TaxEntitlement to the benefit of proviso to Section 112 (1) - concessional rate of tax at 10.506 % (inclusive of surcharge and cess) - non-resident assessee - tax on the long-term capital gains earned by the Applicant on sale of shares of Andhra Pradesh Paper Mills Ltd. an Indian listed company, pursuant to an open offer - Applicant is a Company registered in Finland - Held that:- Following the decision Cairn UK [2013 (10) TMI 430 - DELHI HIGH COURT] we conclude that the benefit under the proviso to section 112(1) of the Act could not be denied to the Applicant. Yes, the tax payable by the Applicant on the long term capital gains arising on the sale of equity shares of Andhra Pradesh Paper Mills Limited, an Indian listed company, are required to be computed at 10.506% (inclusive of surcharge and cess) of the amount of capital gains, as per the proviso to section 112(1) of the Income tax Act, 1961.
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