Capital Gains on Mutual Fund Units Not Taxable in India for Singapore Resident Under DTAA: ITAT Mumbai

Anushka Sanjay Shah Vs ITO (ITAT Mumbai)

ITAT Mumbai ruled in favor of Anushka Sanjay Shah, a non-resident Indian (NRI), in a dispute concerning the taxability of capital gains from mutual funds under the India-Singapore DTAA. The dispute arose after the Assessing Officer (AO) and Dispute Resolution Panel (DRP) determined that short-term capital gains of ₹1,35,66,368 from mutual fund units were taxable in India. The assessee argued that, as a Singapore tax resident, these gains should be exempt under Article 13(5) of the India-Singapore DTAA, which states that gains from property

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