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Deputy Director of Income Tax, Circle-3 (1) , International Taxation, New Delhi Versus Shri Anand Persad Jaiswal

2017 (7) TMI 532 - ITAT DELHI

Entitled to the benefit of proviso to section 112(1) on sale of equity shares of M/s Jagatjit Industries Ltd. a listed company - Held that:- It is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax payable by the assessee. In the case unde .....

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y : 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 in the circumstances and of the case and law, the ld. CIT(A) has erred in holding the assessee entitled to the benefit of proviso to section 112(1) of the Act on sale of equity shares of M/s J .....

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out allowing the benefit of indexation while considering the cost of acquisition and charged capital gains tax at the rate of 20%. On appeal, learned CIT(A) issued following directions :- 16.2 I find force in contention of the appellant that in respect of long term capital gains arising from transfer of shares acquired by utilizing INR, of Jagatjit Industries Ltd., a company listed on Bombay Stock Exchange, taxation shall be as per proviso to section 112(1) which says that if tax exceeds 10% of .....

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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 .....

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e as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such longterm capital gains shall be computed at the rate of twenty per cent ; (b) in the case of a domestic company,- (i) the amount of income-tax payable on the total income as r .....

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come-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 se .....

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