The assessee had acquired the Compulsorily Convertible Preference Shares before 01.04.2017. The capital gain derived from the sale of such shares would not be covered under Article 13(3A) or 13(3B) of the Treaty. It will fall under Article 13(4) of India-Mauritius DTAA and, hence, would be exempt from taxation as the capital gains are taxable only in the country of residence of the assessee.The Tribunal held that the word ‘shares’ mentioned in the tax treaty is to be understood in a broader sense which will take within its ambit all shares, including preference shares and thus, CCPS acquired before Apr 1, 2017, would fall within the category of shares. (AY. 2019 -20 )