ITAT Denies Flipkart Co-founder Binny Bansal Tax Relief, Rejects Non-Resident Status

• The Income Tax Appellate Tribunal (ITAT) Bengaluru bench denied Binny Bansal tax benefits under the India-Singapore DTAA.
• Bansal claimed non-resident status, arguing he resided in Singapore for employment and was only visiting India.
• ITAT ruled Bansal was in India for more than 60 days, satisfying the residential test under section 6(1)(c) of the Act.
• Bansal sold shares in Flipkart Private Limited Company (Singapore) and Indian companies during FY 2019-20.
• The tribunal dismissed his claims for capital gains tax exemption, but directed a refund of over Rs 5.8 crore to be reissued.

Why It Matters: Binny Bansal's non-resident status claim for tax relief was rejected by ITAT due to his presence in India.