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ITAT allowed the taxpayer's appeal, holding that the capital gain on sale of shares qualifies for exemption under Article 13(4) of the India-Mauritius DTAA. The Tribunal found departmental allegations that the assessee was a mere paper company unsubstantiated, noting absence of cogent material to rebut the assessee's status as a tax resident of Mauritius. The Tribunal further observed that the AO's acceptance, by permitting carry-forward/set-off of long-term capital loss from an earlier year, undermined the denial of genuineness. Consequently, the AO's denial of treaty relief and invocation of domestic charging provisions was set aside and the assessee's claim for treaty exemption allowed.
ITAT allowed the taxpayer's appeal, holding that the capital gain on sale of shares qualifies for exemption under Article 13(4) of the India-Mauritius DTAA. The Tribunal found departmental allegations that the assessee was a mere paper company unsubstantiated, noting absence of cogent material to rebut the assessee's status as a tax resident of Mauritius. The Tribunal further observed that the AO's acceptance, by permitting carry-forward/set-off of long-term capital loss from an earlier year, undermined the denial of genuineness. Consequently, the AO's denial of treaty relief and invocation of domestic charging provisions was set aside and the assessee's claim for treaty exemption allowed.
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