Flipkart co-founder Binny Bansal denied tax break by ITAT
Flipkart's co-founder Binny Bansal just lost his appeal for a tax exemption on profits from selling his shares.
The Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) ruled that since Bansal spent more than 60 days in India during 2019-20, he didn't qualify as a non-resident—even though he claimed to be living in Singapore at the time.
Why it matters and what's next
Bansal argued his gains should be tax-free under the India-Singapore treaty, but the tribunal said exemptions only apply if you're officially a non-resident for the whole year before.
They warned that accepting his claim would set a bad precedent.
While some minor points went in his favor, most of Bansal's appeal was rejected.
He hasn't commented yet, but this case makes it clear: residency rules are strict when it comes to taxes.