Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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The assessee company was denied exemption under Article 13(3B) and 13(4) of the India-Mauritius Treaty, and its capital gains from sale of shares, futures, and options were taxed, as its control and management were found to lie outside Mauritius in UAE, with the beneficial owner being a UAE resident. However, the CIT(A) held the assessee eligible for the India-Mauritius treaty benefit. The ITAT upheld the CIT(A)'s decision, finding no conclusive evidence that the assessee's control and management were outside Mauritius or that the beneficial owner was a UAE resident. The assessee had Mauritius-resident directors, held board meetings in Mauritius, had a valid TRC, Category 1 Global Business License, and SEBI registration, proving its Mauritius tax residency. The protocol amending the treaty was not applicable as it had not come into force. The ITAT relied on Supreme Court's Azadi Bachao Andolan case principles and CBDT Circular 789/2000 while interpreting the treaty.
The assessee company was denied exemption under Article 13(3B) and 13(4) of the India-Mauritius Treaty, and its capital gains from sale of shares, futures, and options were taxed, as its control and management were found to lie outside Mauritius in UAE, with the beneficial owner being a UAE resident. However, the CIT(A) held the assessee eligible for the India-Mauritius treaty benefit. The ITAT upheld the CIT(A)'s decision, finding no conclusive evidence that the assessee's control and management were outside Mauritius or that the beneficial owner was a UAE resident. The assessee had Mauritius-resident directors, held board meetings in Mauritius, had a valid TRC, Category 1 Global Business License, and SEBI registration, proving its Mauritius tax residency. The protocol amending the treaty was not applicable as it had not come into force. The ITAT relied on Supreme Court's Azadi Bachao Andolan case principles and CBDT Circular 789/2000 while interpreting the treaty.
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