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Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
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The ITAT allowed the taxpayer's appeal, holding that the taxpayer, a Singapore resident portfolio company wholly owned by a sovereign investment vehicle, possessed sufficient economic substance, independent management and operational control in Singapore and therefore did not qualify as a conduit or shell. The Tribunal found the pre-1/4/2017 share acquisition qualified for taxation solely in Singapore under Article 13(4)/(4A) of the India-Singapore DTAA and that the subsequent sale to an unrelated foreign purchaser was a genuine commercial realization. Applying Article 24A(1)-(2) (PPT), the Tribunal concluded that obtaining a treaty benefit was not one of the principal purposes and accordingly upheld the treaty exemption of the capital gain.
The ITAT allowed the taxpayer's appeal, holding that the taxpayer, a Singapore resident portfolio company wholly owned by a sovereign investment vehicle, possessed sufficient economic substance, independent management and operational control in Singapore and therefore did not qualify as a conduit or shell. The Tribunal found the pre-1/4/2017 share acquisition qualified for taxation solely in Singapore under Article 13(4)/(4A) of the India-Singapore DTAA and that the subsequent sale to an unrelated foreign purchaser was a genuine commercial realization. Applying Article 24A(1)-(2) (PPT), the Tribunal concluded that obtaining a treaty benefit was not one of the principal purposes and accordingly upheld the treaty exemption of the capital gain.
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