Section 115

   5.   Omitted section 115, as amended by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962, the Finance Act, 1964, w.e.f. 1-4-1964, the Finance Act, 1965, w.e.f. 1-4-1965, the Finance Act, 1966, w.e.f. 1-4-1966, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, the Finance (No. 2) Act, 1974, w.e.f. 1-4-1975, the Finance Act, 1976, w.e.f. 1-4-1977 and the Finance Act, 1985, w.e.f. 1-4-1986, stood as under :

‘115. Tax on capital gains in case of companies.—Where the total income of a company includes any income charge­able under the head "Capital gains" relating to capital assets other than short-term capital assets (such income being hereinaf­ter referred to as long-term capital gains), the income-tax payable shall be the aggregate of—

     (i)   the amount of income-tax calculated on the amount of long-term capital gains included in the total income—

    (a)   on so much of the amount of such long-term capital gains as relate to buildings or lands or any rights in buildings or lands, at the rate of fifty per cent ; and

    (b)   on the balance of such long-term capital gains, if any, at the rate of forty per cent ; and

    (ii)   the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of long-term capital gains referred to in clause (i).’