AAR held that gains from transfer of shares taxable only in country of residence, subject to conditions laid down in protocol to agreement. Transferor gains from transfer taxable only in Singapore.
Bg Asia Pacific Holding Pte. Ltd. In Re (2021) 432 ITR 430 / 199 DTR 306 / 320 CTR 430 (AAR) Gspc Distribution Networks Ltd., In Re (2021) 432 ITR 430 / 199 DTR 306 / 320 CTR 430 (AAR)
S. 45 : Capital gains-Non-Resident-Gains from transfer taxable only in Singapore-DTAA-India-Singapore. [S. 90, Art. 13(4)]