https://www.taxtmi.com/caselaws?id=764499 A valid tax residency certificate and compliance with treaty conditions entitled the Luxembourg resident assessee to India-Luxembourg treaty benefits. The Revenue could not deny those benefits by labelling the assessee a conduit or denying beneficial ownership and commercial substance without cogent evidence of sham, fraud, or colourable device; mere suspicion or conjecture was insufficient. Once treaty entitlement was accepted, the domestic recharacterisation and higher taxation of business income, capital gains, and interest income could not survive on the facts. The issue of interest under section 234B was restored for fresh recomputation in line with the final outcome. en-us Mon, 30 Dec 2024 00:00:00 +0530 Fri, 10 Jan 2025 10:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764499 A valid tax residency certificate and compliance with treaty conditions entitled the Luxembourg resident assessee to India-Luxembourg treaty benefits. The Revenue could not deny those benefits by labelling the assessee a conduit or denying beneficial ownership and commercial substance without cogent evidence of sham, fraud, or colourable device; mere suspicion or conjecture was insufficient. Once treaty entitlement was accepted, the domestic recharacterisation and higher taxation of business income, capital gains, and interest income could not survive on the facts. The issue of interest under section 234B was restored for fresh recomputation in line with the final outcome. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764499