The assessee, an Irish tax resident and registered Foreign Portfolio Investor, earned short-term capital gains on sale of rights entitlements of Indian companies and claimed exemption under Article 13(6) of the India-Ireland DTAA. The Revenue treated rights entitlements as shares taxable in India under Article 13(5). The Tribunal held that rights entitlement is a distinct asset, separate from equity shares, capable of being transferred, renounced or allowed to lapse, and is akin to a derivative rather than a share. Since Article 13(5) applies only to shares and rights entitlements are not covered therein, the gains were taxable only in Ireland under Article 13(6). Accordingly, the capital gains were held not taxable in India. (AY. 2021-22).