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2018 (8) TMI 2111 - AT - Income TaxNature of gain from the transaction of securities - Income from securities as capital gain OR business income - exemption under Article 13(6) of the India Switzerland Tax Treaty - PE in India - HELD THAT:- Considering the precedents in assessee’s own case for Assessment Years 2008-09 (supra) as well as 2009-10 [2016 (6) TMI 1462 - ITAT MUMBAI] it has to be held that income of a FII from sale and purchase of securities is liable to be taxed as ‘Capital Gains’. PE in India - Taxability of such income, which has been held to be non-taxable in India under Article 13(6) of the India-Switzerland Tax Treaty - Tribunal, in Assessment Year 2009-10 (supra) held that banking branch of the assessee in India would not constitute a PE qua the aforesaid income. Thus, the aforesaid decisions of the Tribunal in assessee’s own case, and which continue to hold the field as they have not been altered by any higher authority, fully cover the aforestated Grounds raised by the Revenue before us. Accordingly, we hereby affirm the decision of CIT(A), which is in line with the aforestated precedents in assessee’s own case. Thus, the order of CIT(A) is hereby affirmed. Appeal of the Revenue is dismissed.
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