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ITAT held that gains on sale of shares of a Singapore-resident company are not taxable in India. Applying s.90(2), the India-Singapore DTAA governs over domestic deeming under s.9(1)(i) read with Explanation 5; treaty allocation under Art.13(5) assigns exclusive taxing rights over residual gains to the alienator's State of residence (Singapore). The tribunal found the transaction involved alienation of foreign-situs shares and did not fall within the exceptions or look-through provisions (including Clause 4B/para (2)) that would confer source-state taxing rights. Consistent with precedent, the DTAA prevails over domestic fiction; relief granted to the assessee and Indian tax charge disallowed.
ITAT held that gains on sale of shares of a Singapore-resident company are not taxable in India. Applying s.90(2), the India-Singapore DTAA governs over domestic deeming under s.9(1)(i) read with Explanation 5; treaty allocation under Art.13(5) assigns exclusive taxing rights over residual gains to the alienator's State of residence (Singapore). The tribunal found the transaction involved alienation of foreign-situs shares and did not fall within the exceptions or look-through provisions (including Clause 4B/para (2)) that would confer source-state taxing rights. Consistent with precedent, the DTAA prevails over domestic fiction; relief granted to the assessee and Indian tax charge disallowed.
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