Eligibility for India-Mauritius DTAA capital-gains benefit on redemption of equity-oriented mutual fund units requires factual verification of commercial substance and surrounding circumstances; documents need not be accepted at face value where their apparent position may not reflect reality. Information relating to a management shareholder's licence and regulatory action involving a sister concern requires fresh examination after an effective and adequate opportunity to explain. Taxability of the gains was restored for fresh determination of treaty-benefit eligibility, without a merits determination.
Eligibility for India-Mauritius DTAA capital-gains benefit on redemption of equity-oriented mutual fund units requires factual verification of commercial substance and surrounding circumstances; documents need not be accepted at face value where their apparent position may not reflect reality. Information relating to a management shareholder's licence and regulatory action involving a sister concern requires fresh examination after an effective and adequate opportunity to explain. Taxability of the gains was restored for fresh determination of treaty-benefit eligibility, without a merits determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
