Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The ITAT held that derivatives are distinct financial instruments separate from shares, as shares are defined under Section 2(84) of the Companies Act and derivatives fall within the definition of securities under Section 2(81) and the Securities Contracts (Regulations) Act. Given that derivatives derive value from underlying assets without conferring ownership rights like voting, gains from their alienation fall under Article 13(4) of the India-Mauritius DTAA, which exempts such income from taxation in India. Consequently, the gains from transfer of derivatives are not taxable in India but in Mauritius. The addition made by the revenue on this account was deleted, and the assessee's appeal was allowed.
The ITAT held that derivatives are distinct financial instruments separate from shares, as shares are defined under Section 2(84) of the Companies Act and derivatives fall within the definition of securities under Section 2(81) and the Securities Contracts (Regulations) Act. Given that derivatives derive value from underlying assets without conferring ownership rights like voting, gains from their alienation fall under Article 13(4) of the India-Mauritius DTAA, which exempts such income from taxation in India. Consequently, the gains from transfer of derivatives are not taxable in India but in Mauritius. The addition made by the revenue on this account was deleted, and the assessee's appeal was allowed.
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