Section 112(1)(c)(iii) overrides General Capital Gain computation Provisions for non-residents

Legatum Ventures Limited Vs ACIT (ITAT Mumbai)

ITAT held that capital gains arising on the sale of unlisted shares by a non-resident has to be computed only by reference to the provisions of Section 112(1)(c)(iii) of the Income Tax Act, 1961 without cognizance to the provisions under Section 48 of the Act.

From the perusal of section 112 of the Act, forming part of Chapter XII – Determination of Tax in Certain Special Cases, we find that though the said section deals with the determination of tax payable by the assessee on

Please become a Premium member. If you are already a Premium member, login here to access the full content.