https://www.taxtmi.com/caselaws?id=350084 A foreign-exchange forward contract entered into solely to hedge investment exposure retained the capital character of the underlying investment, so the gain was not taxable as income from other sources; the Tribunal treated the receipt as capital in nature and accepted treaty protection. On the share-sale issue, the immovable-property article of the India-Spain DTAA could not apply merely because the investee companies were engaged in real estate development, since the assessee held only minority interests and no direct or indirect rights in immovable property. The gain therefore fell within the capital-gains treaty protection, and the Revenue's appeals failed on both issues. en-us Mon, 11 Sep 2017 00:00:00 +0530 Mon, 30 Oct 2017 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350084 A foreign-exchange forward contract entered into solely to hedge investment exposure retained the capital character of the underlying investment, so the gain was not taxable as income from other sources; the Tribunal treated the receipt as capital in nature and accepted treaty protection. On the share-sale issue, the immovable-property article of the India-Spain DTAA could not apply merely because the investee companies were engaged in real estate development, since the assessee held only minority interests and no direct or indirect rights in immovable property. The gain therefore fell within the capital-gains treaty protection, and the Revenue's appeals failed on both issues. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350084