On 7 October 2013, the Delhi High Court delivered a decision in the case of Cairn UK Holding Limited v. Director of Income Tax ([2013] 38 taxmann.com 179 (Delhi)) that long-term capital gains arising to a non-resident on sale of listed Indian securities are entitled to the benefit of the lower tax rate of 10%.
(a) Facts. The Taxpayer (Cairn UK Holding Limited) is a private company registered in Sc…