Flipkart's Binny Bansal denied tax exemption on $76-mn share sale

Bengaluru bench of Income Tax Appellate Tribunal (ITAT) rejected Flipkart co-founder Binny Bansal's appeal, which requested his gains in FY19-20, including $76-million from Flipkart share sale to Walmart, be tax-free due to Singapore employment. However, ITAT clarified that he didn't qualify as 'non-resident' as he spent over 60 days in India in FY19-20, reported The Times of India.