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2020 (10) TMI 751 - AT - Income TaxIncome accrued in India - transaction involving sale of shares of foreign company held investment - AO asked the assessee to explain as to why capital gains arising from sale of shares from Accelyst to Jasper Infotech Private Limited should not be brought to tax in India u/s 9(1)(i)? - Scope of amendment to section 9(1)(i) - HELD THAT:- Explanations 6 and 7 have to be read with Explanation 5 to understand the provisions of Section 9(1)(i) of the Act. Since Explanation 5 has been given retrospective effect and Explanations 6 and 7 have been inserted in furtherance of the object of insertion of Explanation 5, these two explanations cannot be read in isolation, but have to be tagged alongwith Explanation 5 so that both the Explanations have to be given a retrospective effect, keeping in mind the decision of the Hon'ble High Court of Delhi in the case of Copal [2014 (8) TMI 606 - DELHI HIGH COURT] Direct the Assessing Officer to read Explanation 7 as applicable for the year under consideration and delete the impugned addition.
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