https://www.taxtmi.com/caselaws?id=75807 Repeated, high-volume exchange-traded futures and options dealings with a short trading cycle and no delivery of underlying securities were treated as trading activity, so the receipts constituted business income rather than capital gains. Section 115AD did not change that character or exclude business income from exchange-traded derivatives, and the special regime for foreign institutional investors did not alter the tax treatment. As the applicant had no permanent establishment in India and its representative office was not involved in the transactions, those business profits were not taxable in India under the treaty. The AAR declined to rule on the proposed share and securities transactions. en-us Mon, 22 Mar 2010 00:00:00 +0530 Thu, 03 Jan 2013 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75807 Repeated, high-volume exchange-traded futures and options dealings with a short trading cycle and no delivery of underlying securities were treated as trading activity, so the receipts constituted business income rather than capital gains. Section 115AD did not change that character or exclude business income from exchange-traded derivatives, and the special regime for foreign institutional investors did not alter the tax treatment. As the applicant had no permanent establishment in India and its representative office was not involved in the transactions, those business profits were not taxable in India under the treaty. The AAR declined to rule on the proposed share and securities transactions. Case-Laws Income Tax Mon, 22 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75807