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Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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