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Mumbai Tribunal Grants Treaty Exemption To Singapore Company On Sale Of Grandfathered Shares; Dismisses Allegations Of Conduit Entity And PPT Applicability
In Fullerton Financial Holdings Pte. Ltd. v ACIT [TS-1458-ITAT-2025], the Mumbai Bench of the Income Tax Appellate Tribunal (Tribunal) allowed capital gains tax exemption benefits to a Singapore entity which is indirectly owned by the Government of Singapore on the sale of grandfathered shares.
Khaitan & Co LLP