https://www.taxtmi.com/caselaws?id=767561 Rights entitlement arising from a rights issue was treated as a distinct capital asset, not as equity shares, because its contractual and statutory character differed from the shares themselves and it had separate dematerialised and market treatment. On that basis, gain from its sale did not fall within the shares clause of Article 13 of the India-Ireland DTAA and was taxable only in Ireland under the residuary capital gains article, not in India. Once the gain was outside Indian taxing rights, short-term capital loss under the Act could not be set off against it for Indian tax computation. The refund working error was treated as a rectifiable mistake apparent from the record. en-us Wed, 19 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 18:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767561 Rights entitlement arising from a rights issue was treated as a distinct capital asset, not as equity shares, because its contractual and statutory character differed from the shares themselves and it had separate dematerialised and market treatment. On that basis, gain from its sale did not fall within the shares clause of Article 13 of the India-Ireland DTAA and was taxable only in Ireland under the residuary capital gains article, not in India. Once the gain was outside Indian taxing rights, short-term capital loss under the Act could not be set off against it for Indian tax computation. The refund working error was treated as a rectifiable mistake apparent from the record. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767561