https://www.taxtmi.com/caselaws?id=331897 A call option arrangement may amount to a transfer of a capital asset where the purchaser receives more than a bare option, including long-term rights, an irrevocable power of attorney and restrictive undertakings that effectively part with substantive rights in shares; on that basis, the consideration can be characterised as capital gains, and under Article 13(6) of the India-Singapore treaty the taxing right falls to the State of residence rather than India. A reassessment notice issued under section 148 is invalid where the mandatory approval under section 151 is given by the Commissioner instead of the Joint Commissioner, because the statutory sanction requirement is not satisfied by a different authority. en-us Fri, 26 Aug 2016 00:00:00 +0530 Wed, 12 Oct 2016 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331897 A call option arrangement may amount to a transfer of a capital asset where the purchaser receives more than a bare option, including long-term rights, an irrevocable power of attorney and restrictive undertakings that effectively part with substantive rights in shares; on that basis, the consideration can be characterised as capital gains, and under Article 13(6) of the India-Singapore treaty the taxing right falls to the State of residence rather than India. A reassessment notice issued under section 148 is invalid where the mandatory approval under section 151 is given by the Commissioner instead of the Joint Commissioner, because the statutory sanction requirement is not satisfied by a different authority. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331897