Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
India-Mauritius DTAA treaty shipping profits were denied because the assessee's own earlier years had already been decided against it on the same point, and that consistent view was followed. A fixed place permanent establishment was also not proved: the revenue had to show both disposal of the Indian premises and business activity through them, but the survey material showed only limited visits, agent-led operations, and no controlled space or real use by the non-resident. The Indian agent was treated as independent, so no dependent agent permanent establishment arose. As no PE existed, profit attribution to any alleged PE and aggregation of the two entities' income failed. Refund interest was taxed at the treaty rate under the interest article.
India-Mauritius DTAA treaty shipping profits were denied because the assessee's own earlier years had already been decided against it on the same point, and that consistent view was followed. A fixed place permanent establishment was also not proved: the revenue had to show both disposal of the Indian premises and business activity through them, but the survey material showed only limited visits, agent-led operations, and no controlled space or real use by the non-resident. The Indian agent was treated as independent, so no dependent agent permanent establishment arose. As no PE existed, profit attribution to any alleged PE and aggregation of the two entities' income failed. Refund interest was taxed at the treaty rate under the interest article.
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