AAR held that; the benefit under the proviso to section 112(1) of the Act could not be denied to the applicant. The tax payable by the applicant on the long-term capital gains arising on the sale of equity shares in A, an Indian listed company, were to be computed at 10.506 per cent. ,inclusive of surcharge and cess of the amount of capital gains, in terms of the proviso to section 112(1) of the Act.
Finnish Fund For Industrial Co-Operation Ltd., In Re (2018) 402 ITR 373/ 301 CTR 705/ 164 DTR 105 (AAR)
S. 112 : Tax on long term capital gains -Non-residents – Concessional rate of tax — Long-term capital gains arising on sale of equity shares in Indian listed company to be taxed at 10.506 Per Cent., inclusive of surcharge and cess . [ S. 45 ]