A special provision in the I-T Act cannot be pressed into service to deny the benefit which is otherwise due to FII under the tax treaty provisions notwithstanding their conflict with the domestic law of income tax

ADVANCE RULINGS DETAILS DECIDED BY: AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI IN THE CASE OF: Royal Bank of Canada, In re , APPEAL NO: A.A.R. No. 816 of 2009, DECIDED ON March 22, 2010 RELEVANT PARAGRAPH R U L I N G (By Honourable Chairman) The applicant has raised the following three questions in this application for advance ruling under section 245Q (1) of IT Act, 1961: 1. Whether the profits/losses from futures and options contracts (derivative transactions) carried out on the Indian Stock exchanges are in the nature of “Business income” in the hands...