https://www.taxtmi.com/caselaws?id=306982 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the appellant, a Japanese company, to avail the lower tax rate of 10% under the proviso to Section 112(1) of the Income Tax Act, 1961, for long-term capital gains from share sales. Despite benefiting from foreign exchange fluctuations, the appellant was deemed eligible for the lower tax rate. The Court emphasized the compatibility of Sections 48 and 112(1) in granting this benefit, relying on precedent and dismissing the appeal due to no new legal issues. en-us Tue, 22 Nov 2016 00:00:00 +0530 Fri, 10 Mar 2023 20:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306982 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the appellant, a Japanese company, to avail the lower tax rate of 10% under the proviso to Section 112(1) of the Income Tax Act, 1961, for long-term capital gains from share sales. Despite benefiting from foreign exchange fluctuations, the appellant was deemed eligible for the lower tax rate. The Court emphasized the compatibility of Sections 48 and 112(1) in granting this benefit, relying on precedent and dismissing the appeal due to no new legal issues. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306982