Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Derivatives are a distinct asset class from equity shares, and gains from trading in index-based derivatives cannot be treated as gains from alienation of shares. The Tribunal relied on the statutory distinction between shares and derivatives, including the separate treatment in the securities law framework and section 43(5), to hold that Article 13(3A) of the India-Mauritius DTAA applies only to share alienation. As the transactions fell outside that provision, the residual Article 13(4) applied and the short-term capital gains were taxable only in the State of residence. The addition made by taxing the gains under Article 13(3A) was deleted.
Derivatives are a distinct asset class from equity shares, and gains from trading in index-based derivatives cannot be treated as gains from alienation of shares. The Tribunal relied on the statutory distinction between shares and derivatives, including the separate treatment in the securities law framework and section 43(5), to hold that Article 13(3A) of the India-Mauritius DTAA applies only to share alienation. As the transactions fell outside that provision, the residual Article 13(4) applied and the short-term capital gains were taxable only in the State of residence. The addition made by taxing the gains under Article 13(3A) was deleted.
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