Summary: The Delhi ITAT in the Huntsman Investment case ruled that intra-group share buy-backs can qualify as “corporate reorganisation” under Article 13(5) of the India-Netherlands DTAA, shielding capital gains from Indian taxation. The Tribunal emphasized substance over technicality, noting that Huntsman BV’s ownership percentage in its Indian subsidiary remained unchanged despite the buy-back. It relied on professional guidance and comparable treaty protocols to interpret “reorganisation.”