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 Scotland. In October 2009, the Taxpayer transferred its 43,600,000 equity shares (INR 10 each) in an Indian listed company (Cairns India Limited) to Petronas International Corporation Limited Malaysia for consideration of...