Article 13(4) of India-Mauritius DTAA exempts sale of shares acquired prior to 1st April 2017

Comstar Mauritius Limited Vs CIT (IT) (ITAT Mumbai) ITAT Mumbai held that benefit of Article 13(4) of India Mauritius tax Treaty duly available to Mauritius registered assessee, having Tax Residency Certificate, for sale of shares which were acquired prior to 1st April 2017. Facts- Assessee is a non-resident foreign company based on Mauritius and is in the business of investment in securities. During scrutiny, AO noted that assessee has sold Indian securities and earned capital gain on the same. Its income consists of gain on sale of such securities, which has been claimed as exempt in view of...