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2011 (3) TMI 16 - AAR - Income TaxCapital Gain - Appellant is engaged in the business of investments in different sectors - The applicant held 5,33,333 equity shares of Quippo Telecom Infrastructure Limited, an Indian company – In the sale transaction the applicant realized capital gain of2,98.67.010 - Article 13(4) of the DTAA confers the power of taxation of the gains derived by a resident of a contracting state from the alienation of specified property only in the state of residence i.e. in Mauritius - In the case of Azadi Bachao Andolan reported in [2003 -TMI - 6130], the Hon’ble Supreme Court has held that the certificate of residence issued by Mauritius Revenue Authority constitutes a valid and sufficient evidence of residential status under India - Mauritius DTAA – Accordingly it was held that all the questions are answered in the affirmative. the applicant is not liable to pay capital gains tax in India in respect of the transfer of shares held in Quippo Telecom Infrastructure Limited (Indian Company) to Geraldton Finance Limited, a Mauritius based company having regard to the provisions of India-Mauritius DTAA.
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