Capital gain not taxable in India since holding of foreign company is less than 10%: ITAT Mumbai

India Opportunity Fund I F.C.R De Regimen Comun Vs DCIT (ITAT Mumbai) ITAT Mumbai held that capital gain arising out of sale of shares not taxable in the hands of foreign company since holding is less than 10% hence Article 14(4) of DTAA between India and Spain cannot be applied. Facts- The assessee is a VC Fund Incorporated under the laws of Spain and is tax resident thereof. The assessee is engaged in investing business in sectors such as Internet, communication, technology, engineering, health & clean technologies. The assessee did not have any permanent establishment or any office in I...