https://www.taxtmi.com/caselaws?id=32104 Exchange traded derivative transactions were held to generate business income, not capital gains, because the instruments could be treated as stock-in-trade and the trading activity was substantial, systematic, and voluminous. Applying the treaty's business profits and capital gains framework, the Authority concluded that gains from such trading were outside the capital asset regime. On the permanent establishment issue, independent brokers, custodians, and bankers servicing multiple clients in the ordinary course of business were not treated as a PE merely because they acted for the applicant, and the record did not show activities wholly or almost wholly devoted to it. The applicant therefore had no permanent establishment in India. en-us Mon, 29 Nov 2004 00:00:00 +0530 Thu, 15 Jan 2009 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32104 Exchange traded derivative transactions were held to generate business income, not capital gains, because the instruments could be treated as stock-in-trade and the trading activity was substantial, systematic, and voluminous. Applying the treaty's business profits and capital gains framework, the Authority concluded that gains from such trading were outside the capital asset regime. On the permanent establishment issue, independent brokers, custodians, and bankers servicing multiple clients in the ordinary course of business were not treated as a PE merely because they acted for the applicant, and the record did not show activities wholly or almost wholly devoted to it. The applicant therefore had no permanent establishment in India. Case-Laws Income Tax Mon, 29 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32104