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ITAT held that rights entitlement constitutes a distinct asset from shares under the India-Ireland DTAA, similar to derivatives. While shares fall under Article 13(5) of the treaty, rights entitlement is covered by Article 13(6), making gains from its alienation taxable only in the resident state (Ireland) and not in India. The Tribunal rejected the DRP's view that rights entitlement and shares are closely related assets, confirming they are separate. Additionally, ITAT ruled that capital losses from share sales taxable in India under Article 13(5) cannot be offset against capital gains from rights entitlement sales exempt under Article 13(6), upholding the taxpayer's exclusion of such gains from total income.
ITAT held that rights entitlement constitutes a distinct asset from shares under the India-Ireland DTAA, similar to derivatives. While shares fall under Article 13(5) of the treaty, rights entitlement is covered by Article 13(6), making gains from its alienation taxable only in the resident state (Ireland) and not in India. The Tribunal rejected the DRP's view that rights entitlement and shares are closely related assets, confirming they are separate. Additionally, ITAT ruled that capital losses from share sales taxable in India under Article 13(5) cannot be offset against capital gains from rights entitlement sales exempt under Article 13(6), upholding the taxpayer's exclusion of such gains from total income.
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