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Article 23 of India-Spain treaty had no application if sale of shares was expressly dealt with by Article 7 or 14

December 20, 2019[2019] 112 119 (Mumbai - Trib.)/[2020] 180 ITD 627 (Mumbai - Trib.)

INTERNATIONAL TAXATION: Where taxability of gain on account of transaction in foreign exchange is very well expressly dealt with in provision of article 7 or article 14 of Indo - Spain tax treaty, article 23 has no application

INTERNATIONAL TAXATION: Where assessee earned capital gain on sale of shares in real estate companies, merely because these companies were dealing in real estate development, it could not be concluded that assets of these companies "principally" consisted of immovable properties; therefore said gains would not fall in kind of cases visualized under article 14 and, thus, could not be taxed in India

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