Authorised Dealer not liable to deduct tax on remittance to non-resident of sale proceeds representing short term capita

Mumbai Income-tax Appellate Tribunal (the “Tribunal”), in the case of DDIT Vs. The Hongkong and Shanghai Banking Corporation Limited [201 0-TII-1 61 -ITAT-MUM-INTL], held that an authorized dealer did not have any liability to withhold tax from the amount credited to the Non-Resident (External) (“NRE”) Account of the non-resident individual on account of short-term capital gains. The Tribunal also reiterated the principle laid down in the case of ADIT v. Green Emirate Shipping and Travels [2006] 286 ITR (A.T.) 60 , where it was held that the expression ‘liable to ...