NR can claim benefit of first proviso to Sec. 48 along with Sec. 112 concessional rate; HC quashes C

IT/ILT : Proviso to section 112(1) doesn't deny benefit of lower tax rate of 10% on long-term capital gains from sale of listed securities to a non-resident investor availing benefit of exchange rate neutralization under first proviso to section 48. The said benefit of lower tax rate of 10% can't be denied on the ground that indexation benefit under 2nd proviso is not applicable. It is incorrect to say that 10% rate under proviso to section 112(1) applies only where indexation benefit under 2nd