Dismissing the appeal of the revenue the Tribunal held that being a Spain based company, engaged in real estate development activities in India, capital gain arising from sale of shares of various companies is held to be not taxable in India . ( AY.2012-13)
DCIT v. Merrill Lynch Capital Market. (2019) 174 ITD 226 (Mum)( Trib)
S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -Capital gains – Sale of shares- DTAA-India – Spain [ Art .14(6) ]