Income Tax - Highlights / Catch Notes

Taxability of income in India - Proof of residence - assessee is ...

Mauritius-based company wins tax dispute in India; Tribunal validates TRC, grants exemption on pre-2017 capital gains.

May 8, 2024

Case Laws Income Tax AT

Taxability of income in India - Proof of residence - assessee is a non-resident corporate entity incorporated under laws of Mauritius - The Tribunal held that the documentary evidence (TRC, Global Business License) supports the claim under Article 13(4) of the DTAA. The AO did not conclusively prove that control and management were outside Mauritius. The SEBI’s recognition of the assessee as a Foreign Venture Capital Investor and continuous investment activity in India strengthen the claim of genuine business operations. The Tribunal highlighted the sanctity of the TRC and previous rulings that support its acceptance as proof of residence and entitlement to treaty benefits. - The Tribunal directed the deletion of additions made by the AO, asserting the assessee’s entitlement to exemption under Article 13(4) of the India-Mauritius DTAA for LTCG derived from shares acquired before April 1, 2017.

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Taxability of income in India - Proof of residence - assessee is ...

Mauritius-based company wins tax dispute in India; Tribunal validates TRC, grants exemption on pre-2017 capital gains.

May 8, 2024

Case Laws Income Tax AT

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