https://www.taxtmi.com/caselaws?id=772689 ITAT Chennai determined assessee's residential status under Section 6 for tax purposes based on period of stay in India. The tribunal relied on FRRO data to calculate stay period, rejecting assessee's arguments about business versus tourist visits. Despite assessee holding UAE tax residency certificate, tribunal held that under Section 6(1)(a), (c), and (4), assessee qualified as Indian resident, making global income taxable in India. However, tribunal directed AO to verify and allow credit for foreign taxes paid under Sections 90-91. Regarding capital gains, tribunal found share valuations artificially reduced to avoid taxes and remitted matter to AO for recalculation using proper valuation methodology under Rule 11UA. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 10 Jun 2025 14:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772689 ITAT Chennai determined assessee's residential status under Section 6 for tax purposes based on period of stay in India. The tribunal relied on FRRO data to calculate stay period, rejecting assessee's arguments about business versus tourist visits. Despite assessee holding UAE tax residency certificate, tribunal held that under Section 6(1)(a), (c), and (4), assessee qualified as Indian resident, making global income taxable in India. However, tribunal directed AO to verify and allow credit for foreign taxes paid under Sections 90-91. Regarding capital gains, tribunal found share valuations artificially reduced to avoid taxes and remitted matter to AO for recalculation using proper valuation methodology under Rule 11UA. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772689