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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether Abu Dhabi Investment Authority was entitled to exemption from tax in India under Article 24 of the India-UAE DTAA, and whether its interest income from India was taxable.
Analysis: Article 24(1) exempts the Government of one Contracting State from tax in the other Contracting State in respect of income derived from that other State. Article 24(2)(b)(ii) expressly includes Abu Dhabi Investment Authority within the term "Government" in the case of UAE. The assessee had also produced its FPI registration and tax residency certificate. The denial of treaty benefit by the appellate authority on the basis of a mobile number entry and an internet search result was held to be unsustainable, since the relevant PAN, address, residency status, and other particulars supported the assessee's identity as the entity specifically named in the treaty.
Conclusion: The assessee was held entitled to treaty protection under Article 24, and the interest income was held not taxable in India.
Ratio Decidendi: Where a treaty expressly names a specific sovereign institution within the definition of "Government", the institution is entitled to the treaty exemption on income derived from the other Contracting State, and such benefit cannot be denied on speculative or extraneous grounds when the identity and residency of the entity are otherwise supported by record.
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