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2017 (4) TMI 102 - AT - Income TaxSale of debt instrument - Benefit of Article 13(4) of DTAA between India and Singapore - non application of Article 24 of the DTAA between India and SingaporeHeld that:- The limitation prescribed under Article 24 of the Treaty is not applicable in the present case as the income earned by assessee on sale of debt instrument is not taxable in India as per Article 13(4) of Treaty. Thus, the observation of DRP that the assessee has not furnished any evidence that the Capital Gain earned in India, was remitted to Singapore has no relevance. Thus, we respectfully following the decision of Co-ordinate Bench in APL Company Pte Ltd. (2017 (2) TMI 849 - ITAT MUMBAI) and in SET Satellite (2011 (2) TMI 1513 - ITAT MUMBAI) hold that the authorities below erred in denying the benefit of Article 13(4) of India-Singapore DTAA as Article 24 of the Treaty has no application. Hence, the appeal of the assessee is allowed.
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