2023 (9) TMI 941

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....ce. 2. We have heard the rival submissions and perused the material available on record. India Property (Mauritius) Company II is a company incorporated in Mauritius and is a tax resident of Mauritius. The learned Assessing Officer in his order had stated that it was submitted before him that assessee is an investment company incorporated in Mauritius, with its principal activity being investing in opportunities in India. The assessee filed its return of income for AY 2018-19 on 30th October, 2018 declaring long-term capital gains from transfer of equity shares of Indian Companies amounting to Rs 152,61,71,940/- as exempt under Article 13 of India-Mauritius Tax Treaty. The assessee claimed tax credit of Rs 40,01,523/- of taxes deducted at ....

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....anking channels ; that the assessee has earned income by way of long-term capital gains from sale of equity shares of Indian companies amounting to Rs. 152,61,71,940/-; that the assessee also incurred long-term capital loss of Rs. 4,09,70,787/- from buy back of shares; that these foreign inward remittances were made in accordance with Foreign Direct Investments Regulations and Foreign Exchange Management Act, 1999 and that the assessee is a tax resident of Mauritius holding valid Tax Residency Certificate (TRC). Accordingly, it was submitted that the long-term capital gains earned during the year under consideration amounting to Rs. 152,61,71,940/- should not be taxable in accordance with the provisions of the Article 13 of India-Mauritius ....