https://www.taxtmi.com/caselaws?id=414218 The court held that the income accruing to the trust established by ADIA, where ADIA was both the settlor and sole beneficiary, could benefit from the India-UAE DTAA. It ruled that the income should be treated as accruing to ADIA and exempt under the DTAA. The court disagreed with the AAR's ruling that the income from investments made by the trust in Indian portfolio companies was taxable in India, stating that the income should be taxed in the hands of ADIA and be exempt under the DTAA. The court quashed the AAR's ruling and ordered that the steps taken in furtherance of it be set aside, with no order as to costs. en-us Thu, 28 Oct 2021 00:00:00 +0530 Tue, 09 Aug 2022 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414218 The court held that the income accruing to the trust established by ADIA, where ADIA was both the settlor and sole beneficiary, could benefit from the India-UAE DTAA. It ruled that the income should be treated as accruing to ADIA and exempt under the DTAA. The court disagreed with the AAR's ruling that the income from investments made by the trust in Indian portfolio companies was taxable in India, stating that the income should be taxed in the hands of ADIA and be exempt under the DTAA. The court quashed the AAR's ruling and ordered that the steps taken in furtherance of it be set aside, with no order as to costs. Case-Laws Income Tax Thu, 28 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414218