https://www.taxtmi.com/caselaws?id=307224 Income from a foreign institutional investor's sale and purchase of securities was treated as capital gains, not business income, because the transactions were characterised as investment activity rather than trading in the course of banking operations. The Tribunal also noted that the Indian banking branch did not constitute a permanent establishment for that securities income under the India-Switzerland tax treaty. On that basis, Article 13(6) applied and the force of attraction argument did not change the result, so the income was not taxable in India under the treaty and the Revenue's challenge failed. en-us Fri, 10 Aug 2018 00:00:00 +0530 Tue, 28 Mar 2023 10:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307224 Income from a foreign institutional investor's sale and purchase of securities was treated as capital gains, not business income, because the transactions were characterised as investment activity rather than trading in the course of banking operations. The Tribunal also noted that the Indian banking branch did not constitute a permanent establishment for that securities income under the India-Switzerland tax treaty. On that basis, Article 13(6) applied and the force of attraction argument did not change the result, so the income was not taxable in India under the treaty and the Revenue's challenge failed. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307224