Tax on Transfer of Singapore Company under India Belgium Treaty: ITAT explains

Sofina S. A. Vs ACIT (ITAT Mumbai)

Transfer of shares of Singapore Company could not be regarded as a transfer of shares of its Indian subsidiary in absence of see-through approach under clause 13(5) of India Belgium Treaty

Conclusion: Gain arising from transfer of shares of A Pte. Ltd., Singapore by the assessee to M/s J Pvt. Ltd. could not be regarded as a transfer of shares of its Indian subsidiary was exigible to tax in India as per Article 13(5) of I

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