2017 (7) TMI 532

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 Jagatjit Industries Ltd., a listed company." 3. We have heard the arguments of both the sides and perused the material placed before us. The facts of the case are that during the year under consideration, the assessee has sold the shares of M/s Jagatjit Industries Ltd. (hereinafter referred to as "JIL"). The assessee is admittedly a non-resident. JIL is admittedly a listed company. The Assessing Officer, while computing the capital gain from the sale of shares of JIL, computed the capital gain without allowing the benefit of indexation while considering the cost of acquisition and charged capital gain....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate of,- (a) in the case of an individual or a Hindu undivided family, being a resident,- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income ; and (ii) the amount of income-tax calculated on such longterm capital gains at the rate of twenty per cent : Provided that where the total income 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 longt....