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2014 (9) TMI 95 - HC - Income TaxLiability to deduct TDS on income from sale of securities – Held that:- The Tribunal has rightly came to the conclusion that there is no tax liability on the income by way of gains from sale proceeds of government securities in India in UAE - If the gains accrued to the residents of UAE and that was not subject to or liable to any tax in UAE, then, it could not be held that the Tribunal or the CIT(A) committed any perversity in taking note of the treaty obligations or its clauses - the concurrent finding is recorded that once there is no liability to tax the capital gains arising to the individual constituents/investors on the transaction in government Treasury bills undertaken through the bank, the bank was not obliged to deduct the tax at source - The income is not liable to tax and, therefore, tax deduction at source on such income was not permissible and in the given facts and circumstances – Decided against Revenue.
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