2018 (8) TMI 2173

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ner : Mr. Sanampreet Singh, Advocate for Mr. Puneet Rai, Advocate. For the Respondent : Mr. Tarun Gulati, Mr. Prashant Tahiliayni and Mr. Kishore Kunal, Advocates. ORDER The petitioner challenges the order of the Authority for Advance Ruling (AAR) which held, inter-alia, that tax payable by the applicant (i.e. the respondent) on long term capital gains on the sale of equity shares of Hero....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s: "The assessee was incorporated under the laws of Japan with its head office in Tokyo and engaged in the business of development, design, manufacture, assembly, sales and purchase, importing and other transactions relating to automobiles and its component parts. It has reported various streams of income. consideration of Rs. 27.96 crore. The cost of acquisition of those shares was worke....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tions under first proviso to Section 48. It is submitted that in this case, the assessee did benefit from the foreign exchange fluctuations and was therefore barred from claiming benefit under Section 112(1). This Court notices that the assessee's claim was examined by the ITAT which based its decision entirely on the judgement in Kairn UK Holdings Ltd. (supra). This Court examined the interface b....