TMI Blog2016 (11) TMI 1735X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 260A of the Act is as to whether in the circumstances of the case, invocation of proviso to Section 112(1) of the Income Tax Act, 1961 (hereinafter referred to as the Act , for short) by the Income Tax Appellate Tribunal (ITAT) in applying the lower tax @ 10% was justified. The assessee was incorporated under the laws of Japan with its head office in Tokyo and engaged in the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kairn UK Holdings Ltd. v. Director of Income-tax (2013) 359 ITR 268 (Del) was applicable and accordingly reduced the assessee s liability by applying the proviso to Section 112(1) of the Act. The ITAT confirmed that ruling. The learned counsel urged that the proviso to Section 112(1) of the Act applies and the lower rate of taxation is attracted if and only if the assessee does not secure a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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