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Capital Gains of Cyprus Co not taxable in India as per DTAA prevailing at that time
Case Law Details
- Case Name
- DCIT Vs Narmil Infosolutions Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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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 Cy...
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