Flipkart Co-founder Binny Bansal Denied Tax Relief, Tribunal Rejects Non-Resident Claim

• The Income Tax Appellate Tribunal in Bengaluru ruled that Flipkart co-founder Binny Bansal does not qualify as a non-resident for Indian tax purposes.
• Bansal is therefore not entitled to claim benefits under the India–Singapore Double Taxation Avoidance Agreement.
• The tribunal found Bansal spent over 60 days in India during the relevant period, meeting the statutory threshold for residential status.
• Bansal had argued he was employed and living in Singapore, and thus exempt from capital gains tax in India on share sales in 2019-20.
• The tribunal also directed the assessing officer to verify and reissue a pending tax refund of over 58 million rupees to Bansal.

Why It Matters: Binny Bansal loses tax relief as Indian tribunal rules him a resident, denying India-Singapore treaty benefits.