the non discrimination clause under Article 25(1) of the India-Italy Tax Treaty - whether the transfer pricing provisions under the Act do not apply to a transaction of transfer of shares entered into between two Indian companies? - HELD THAT:- Nationals of a contracting state [i.e. the appellant company] shall not be subjected in other contracting state [i.e. India] to any taxation or any requirement connected therewith, which is there or more burdensome than the taxation and connected requirements to which nationals [i.e. Indian national] of that other state [i.e. India] in the same circumstances and under same conditions are or may be subjected.
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In our understanding, under Article 25 of this India Italy DTAA and an Italian national shall not be subjected to in India to any taxation or any requirement connected therewith to which Indian nationals in the same circumstances and under the same conditions are or may be subjected which is more burdensome to Italian national.
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