https://www.taxtmi.com/caselaws?id=387679 Foreign exchange forward gains were analysed under the India-Spain DTAA by applying the specific treaty articles before the residuary provision: where income could fall under business profits or capital gains, Article 23 could not be used to tax it in India merely because source-tax conditions were not met. The discussion also states that Article 14(4) taxing shares in property-rich companies applies only if the Revenue proves that the company's assets consist principally of immovable property in the source State. On the facts described, no such proof was shown, so both sets of gains were treated as protected from Indian source taxation. en-us Fri, 11 Oct 2019 00:00:00 +0530 Tue, 29 Oct 2019 19:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387679 Foreign exchange forward gains were analysed under the India-Spain DTAA by applying the specific treaty articles before the residuary provision: where income could fall under business profits or capital gains, Article 23 could not be used to tax it in India merely because source-tax conditions were not met. The discussion also states that Article 14(4) taxing shares in property-rich companies applies only if the Revenue proves that the company's assets consist principally of immovable property in the source State. On the facts described, no such proof was shown, so both sets of gains were treated as protected from Indian source taxation. Case-Laws Income Tax Fri, 11 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387679