Assessee is a non-resident Indian  and is a resident of Singapore . The assessee has shown exemption in respect of  capital gains earned on  sale of  Mutual fund is  exempt as she is the tax residence of Singapore as per  13of the  DTAA .  The AO denied the exemption.  The DRP affirmed the denial of exemption by the AO. On appeal the Tribunal held that  the short term capital gains arising from sale/redemption of mutual fund units would fall within the ambit of Para 5 of Article 13 of DTAA between India and Singapore. Para 5 of Article 13 of India Singapore DTAA reads as under:

“5. Gains from the alienation of any property other than that referred to in paragraphs 1,2,3,4A and 4B of this Article shall be taxable only in the Contracting State of which the alienator is a resident.”  

Accordingly the Tribunal deleted the addition . Followed , ITO v. Satish Beharilal Raheja (2013) 137  taxmann.com 296 (Mum)( Trib)  (ITA No. 174/Mum/ 2025 dt  26 -3 2025 )( AY .2022 -23 )