https://www.taxtmi.com/caselaws?id=332086 A Mauritius resident company was held not chargeable to capital gains tax in India on transfer of shares of an Indian company under Article 13(4) of the India-Mauritius DTAA because its board and core financial decisions were taken in Mauritius, including budgets, statements, dividends, buybacks and share-related decisions. The record also showed maintenance of records, banking operations, statutory filings and shareholder meetings in Mauritius, while the Revenue failed to prove that the company's important affairs were controlled from India. Applying the settled test of de facto control and management, the AAR found no basis to treat the company's affairs as wholly situated in India. en-us Mon, 08 Aug 2016 00:00:00 +0530 Thu, 02 Feb 2017 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332086 A Mauritius resident company was held not chargeable to capital gains tax in India on transfer of shares of an Indian company under Article 13(4) of the India-Mauritius DTAA because its board and core financial decisions were taken in Mauritius, including budgets, statements, dividends, buybacks and share-related decisions. The record also showed maintenance of records, banking operations, statutory filings and shareholder meetings in Mauritius, while the Revenue failed to prove that the company's important affairs were controlled from India. Applying the settled test of de facto control and management, the AAR found no basis to treat the company's affairs as wholly situated in India. Case-Laws Income Tax Mon, 08 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332086