9911796707
TMI Blog2023 (9) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... with its proviso thereon, we deem it fit and appropriate to direct the assessee to pay 20% of the outstanding demand in two equal instalments in August and September, 2023. The assessee shall produce the proof of remittance of stipulated instalments before the Bench by 15.09.2023. In the alternative, the assessee is also entitled to furnish security equivalent to the value of 20% of the outstanding demand in favour of the Income tax Department on or before 15.09.2023. The assessee is directed to ensure compliance of the aforesaid contentions before the Bench on or before 15.09.2023. Subject to the aforesaid conditions, the demand raised by the Revenue is kept in abeyance for a period of 90 days from the date of compliance as mandated to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022, the learned Assessing Officer treated the assessee as conduit entity and denied the benefit of India-Mauritius Tax Treaty. Consequently, the entire long-term capital gains from transfer of equity shares of Indian companies was charged as income chargeable to tax @10% in terms of section 112 of the Income-tax Act, 1961 together with applicable surcharge and education cess. The learned Dispute Resolution Panel (DRP), vide its directions dated 20.01.2023, upheld the contentions of the learned Assessing Officer in the draft assessment order. Pursuant to the said directions, the final assessment order was passed by the learned Assessing Officer on 10.02.2023 reiterating the draft assessment order. Against the final assessment order, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia-Mauritius Tax Treaty on the basis that the assessee did not have a place of effective management in Mauritius. The learned AR submitted that submission of TRC is sufficient and conclusive proof of tax residency in support of which he placed reliance on the decision of the Hon ble Delhi High Court in the case of Blackstone Capital Partners (Singapore) VI FDE Three Pte Ltd vs ACIT dated 30.01.2023. Hence the learned AR vehemently pleaded that the assessee has got a prima facie case to seek stay of demand raised for the AY 2018-19. Per contra, the ld. DR vehemently objected to keep the demand in abeyance and prayed for payment of minimum 50% of the demand outstanding. He also argued that the Limitation of Benefit (LOB) clause as provided i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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