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DEEMED TO ACCRUE OR ARISE IN INDIA

Capital gain- Shares/units, transfer of : Where assessee, a tax-resident of Mauritius, invested in shares of an Indian company, thereafter made foreign remittance from sale of said investments and did not file return claiming that capital gains were exempt in terms of article 13(4) of India-Mauritius DTAA, since AO issued reopening notice merely on basis of such remittances which he came to know from form 15CA filed by assessee, there was no prima facie satisfaction from reasons recorded, and notice issued under section 148 was considered to be void ab initio – AEP Investments (Mauritius) Ltd. v. Assistant of Commissioner of Income-tax, Circle (IT) 1(1)(1) – [2024] 158 taxmann.com 472 (Delhi – Trib.)

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