TaxTMI 
TaxTMI 
2017 (10) TMI 1239
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....ical, so, we are adjudicating them together. The details of dates of filing of ROI, returned incomes, assessment dates, assessed incomes etc can be summarised as under: AY. ROI filed on Returned Income Assessment dt. Assessed Income CIT(A) order 2007-08 26/10/2010 Rs.1.07crores 25/01/2011 Rs.146.22crores 17/01/2012 2008-09 24/09/2008 Rs.16.43 lakhs 09/02/2012 Rs.444.11 crores 23/05/2012 ITA/2824/Mum/2012-AY.2007-08: 2. First ground of appeal is about treating the'ncome on account of gain on foreign exchange transaction under the head income from capital gains as per Article 14(6) of the India Spain tax treaty. During the assessment proceedings, the AO found that the assessee had earned a profit of Rs. 32.57 crores....
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....on resident India to hedge an exposure to risk in respect of such transaction. He referred to the case of Citicorp Banking Corpn, (IT Appeal/6525 (Mum.) of 2009, dated 25/02/2011) and observed that the issue raised by the assessee was covered by the above order of the tribunal, that investment income of the assessee was not taxable in India as per Article 14 (6) of the tax treaty, that the gain on forex transaction entered in to hedge the investment in securities was capital gains and not taxable in India. 4. During the course of hearing before us, the Departmental Representative (DR) supported the order of the AO. The assessee relied upon the order of the FAA. We find that the issue of taxation of gains arising out of forward contracts to....
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....d of appeal is about treating gain on sale of shares of companies, engaged in the real estate development, as eligible to benefit of exemption under Article 14 (6) of the India Spain treaty. During the assessment proceedings, the AO found that income had arisen from sale of shares of the companies dealing in real estate in India and deriving their value from the immovable property. He directed the assessee to explain as to why the capital gains arising from the sale of shares of such companies should not be covered under Article 14 (5) of the DTAA and charged to tax in India. After considering the submission of the assessee, he held that the language of Article 14(5)of the treaty was very simple, that nothing more could be read into it, tha....