https://www.taxtmi.com/caselaws?id=755832 Mauritius residence certificate-based treaty protection was available for long-term capital gains on transfer of shares in Indian companies where the assessee had been incorporated in Mauritius as an investment fund, had acquired and held the shares for several years through banking channels, and continued to hold other investments. The absence of local expenditure, employees, or director remuneration was not enough, by itself, to show a sham, lack of commercial substance, or conduit arrangement. The analysis distinguished cases involving a foreign entity inserted only at the point of sale. On the facts, the Revenue failed to rebut treaty entitlement or establish any tax-avoidance device or round-tripping arrangement. en-us Thu, 18 Jul 2024 00:00:00 +0530 Fri, 19 Jul 2024 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755832 Mauritius residence certificate-based treaty protection was available for long-term capital gains on transfer of shares in Indian companies where the assessee had been incorporated in Mauritius as an investment fund, had acquired and held the shares for several years through banking channels, and continued to hold other investments. The absence of local expenditure, employees, or director remuneration was not enough, by itself, to show a sham, lack of commercial substance, or conduit arrangement. The analysis distinguished cases involving a foreign entity inserted only at the point of sale. On the facts, the Revenue failed to rebut treaty entitlement or establish any tax-avoidance device or round-tripping arrangement. Case-Laws Income Tax Thu, 18 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755832