Capital Gain on sale of rights entitlement was exempt as per Article 13(6) of India-Ireland DTAA

Vanguard Emerging Markets Stock Index Fund a Series of VISPLC Vs ACIT (ITAT Mumbai) Conclusion: Gain on the transfer of rights entitlement would fall within the purview of Article 13(6) and not under Article 13(5) of the India-Ireland DTAA. Consequently, AO was not correct in denying the exemption under Article 13(6) of the India-Ireland DTAA to assessee and making an addition. Held: Assessee, a company incorporated in Ireland, earned Short Term Capital Gains (STCG) from the sale of rights entitlement of shares of an Indian company. It claimed this STCG as exempt under Article 13(6) of the Ind...