Capital Gains of Cyprus Co not taxable in India as per DTAA prevailing at that time

DCIT Vs Narmil Infosolutions Pvt. Ltd. (ITAT Delhi) The issue under consideration is whether the sale of shares by a Cyprus company to the assessee of an Indian company, who was holding a technology Park [immovable property] as only asset, is taxable in India in view of the Double Taxation Avoidance Agreement between India and Cyprus? ITAT states that, the seller of the share is a resident of Cyprus, holding necessary tax residency certificate, therefore, the recipient of the income is entitled to take the benefit of the Double Taxation Avoidance Agreement between India and Cyprus. The AO and ...