TDS u/s 195 not attracted on payment towards buy-back of shares as per Indo-Singapore DTAA

Kismet Exports & Investments Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that payment towards buy-back of shares to an NRI doesn’t attract deduction of tax under section 195 as according to Indo-Singapore DTAA jurisdiction for taxing the capital gains arising in the hands of an NRI is in Singapore and not in India Facts- The assessee bought back shares from non-residential shareholder, Mr. Dileep Raghu Nath, who was a resident of Singapore, and as per the double taxation avoidance agreement (DTAA) between India and Singapore, Article 13 specifically provides that capital gains arisi...