https://www.taxtmi.com/caselaws?id=458024 Article 23 of the India-Spain DTAA applies only to income not expressly dealt with elsewhere in the treaty; gains from foreign exchange forward contracts were already covered by Article 7 as business profits or Article 14 as capital gains, so Article 23 did not permit taxation in India. Article 14(4) is a limited source-taxing exception for shares deriving value principally from immovable property; on the stated facts, the companies were real estate developers, the assessee held only minority stakes, and the Revenue did not prove that the treaty conditions were met, so the exception did not apply. The treaty therefore did not permit Indian taxation of either category of gains. en-us Fri, 11 Oct 2019 00:00:00 +0530 Thu, 03 Oct 2024 18:03:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458024 Article 23 of the India-Spain DTAA applies only to income not expressly dealt with elsewhere in the treaty; gains from foreign exchange forward contracts were already covered by Article 7 as business profits or Article 14 as capital gains, so Article 23 did not permit taxation in India. Article 14(4) is a limited source-taxing exception for shares deriving value principally from immovable property; on the stated facts, the companies were real estate developers, the assessee held only minority stakes, and the Revenue did not prove that the treaty conditions were met, so the exception did not apply. The treaty therefore did not permit Indian taxation of either category of gains. Case-Laws Income Tax Fri, 11 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458024