TMI Blog2017 (7) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, proviso to section 112(1) was squarely applicable and learned CIT(A) rightly directed to Assessing Officer to give benefit of proviso to Section 112(1). We, therefore, find no infirmity in the order of learned CIT(A). The same is sustained. - Decided against revenue - ITA No. 4961/Del/2014 - - - Dated:- 10-2-2017 - Shri G.D. Agrawal, Vice President And Shri Kuldip Singh, Judicial Member Appellant by : Shri S.K. Jain, DR. Respondent by : Shri D.C. Garg, CA. ORDER Per G. D. Agrawal, VP This appeal by the Revenue for the assessment year 2010-11 is directed against the order of learned CIT(A)-XXIX, New Delhi dated 9th June, 2014. 2. The Revenue has raised the following ground :- Whether on the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed to work out tax payable as per proviso to section 112(1) before allowing indexation and if it comes out to be lower than tax payable @ 20% after allowing indexation, then lower tax shall apply. In that situation, ground of appeal no. 3(b) shall become infructuous. The ground no.5(a) is disposed off accordingly. 4. After considering the facts of the case and material placed before us, we do not find any infirmity in the above direction of learned CIT(A). Section 112 and proviso thereof read as under :- 112. Tax on long-term capital gains.- (1) Where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head Capital gains , the tax payab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) the amount of income-tax calculated on such longterm capital gains [except where such gain arises from transfer of capital asset referred to in sub-clause (iii)] at the rate of twenty per cent ; and (iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities [or substantially interested], calculated at the rate of ten per cent on the capital gains in respect of such asset as computed without giving effect to the first and second proviso to section 48;]] (d)] in any other case of a resident,- (i) the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains, had the total income as so reduced been its t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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