https://www.taxtmi.com/caselaws?id=357035 The Authority ruled in favor of the Applicant, a non-resident company, holding that the tax on long-term capital gains from the sale of shares of an Indian listed company should be computed at 10.506% under the proviso to Section 112(1) of the Income Tax Act, 1961. The decision was influenced by the precedent set in the case of Cairn UK Holdings Ltd, where it was established that non-residents are entitled to the concessional tax rate. The Authority emphasized that the benefit under the proviso to Section 112(1) could not be denied to the Applicant, resulting in a favorable outcome for the Applicant regarding the tax computation. en-us Wed, 28 Feb 2018 00:00:00 +0530 Mon, 14 May 2018 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357035 The Authority ruled in favor of the Applicant, a non-resident company, holding that the tax on long-term capital gains from the sale of shares of an Indian listed company should be computed at 10.506% under the proviso to Section 112(1) of the Income Tax Act, 1961. The decision was influenced by the precedent set in the case of Cairn UK Holdings Ltd, where it was established that non-residents are entitled to the concessional tax rate. The Authority emphasized that the benefit under the proviso to Section 112(1) could not be denied to the Applicant, resulting in a favorable outcome for the Applicant regarding the tax computation. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357035