TaxTMI 
TaxTMI 
TaxTMI 
2024 (6) TMI 1129
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....ssessee reads as under:- "Ground No. 3: Denial of benefit under the Double Taxation Avoidance Agreement ('DTAA') between India-UAE ('treaty') with respect to income earned by the Appellant in India 3.1 On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in denying the benefits of the DTAA between India and UAE with respect to capital gains and interest income earned by the Appellant during the impugned year. 3.2 While doing so, the Ld. CIT (A) erred in: a) Disregarding the fact that the Appellant is a 'Government within the meaning of Article 24(2) of the DTAA between India and UAE and therefore, eligible for treaty benefits in respect of its entire incom....
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....rom Indian companies 6,99,68,88,663 Long-term capital gain 12,20,13,91,189 Short-term capital gain 2,90,65,91,616 The return of income was processed by the Assistant Director of Income Tax Centralized Processing Centre (CPC) (hereinafter referred to as 'Ld AO, CPC), Income Tax, Department, Bengaluru, and a intimation under section 143(1) of the Act was issued on 31 March 2021, wherein the Ld AO had made addition to the total income and raised tax demand of Rs 1,46,14,53,649/- (including interest). In response to the aforesaid intimation, the Appellant had filed a request with CPC on the income tax portal to reprocess the return of income on 29 April 2021. On reprocessing the return, CPC issued a rectification order dat....
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....ons of Article 13, the Government of one Contracting State shall be exempt from tax, including capital gains tax, in the other Contracting State in respect of any income derived by such Government from that other Contracting State.] 2 For the purposes of paragraph (1) of this Article, the term "Government"- (a) in the case of India, means the Government of India, and shall include: (i) the political sub-divisions, the local authorities, the local administrations, and the local Governments, (ii) the Reserve Bank of India, (iii) any such institution or body as may be agreed from time to time between the two Contracting State. (b) in the case of UAE means the Government of....
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....y, (v) it is mentioned as private company and (vi) contact No. is 9999999999. During the appellate proceedings, the appellant has not made out a case that the appellant company is the same company which is mentioned in the Article 24(2)(b) of the India-UAE DTAA. The AR has also not explained the profile as well as business activities of the appellant company The contact No. 9999999999 has been mentioned in ITR as well as Form No. 35. The contact No. prima facie appeared to be wrong. From search carried out in 'True caller' it was noticed that mobile no. 9999999999 is in the name of Raj Esh Rk J' and it was reflected as "Likely fraud" having 6884 spam reports. Further it is not explained that how the income earned by the....
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.... even confront this issue to the assessee whether assessee is an Authority mentioned Article 24(2)(b). Thus, such an order of ld. CIT(A) cannot be upheld. On the other hand, Ld. D.R. submitted that matter may be restored to the file of CIT (A) to examine the tax residency certificate an applicability of Article 24. 6. After going through the order of ld. CIT (A) and the material referred to before us, we find that ld.CIT(A) has denied the benefit of Article 24 disbelieving the assessee is not Abu Dhabi Investment Authority as mentioned in Article 24(2)(b)(ii) on a very flimsy ground. The reason given by him is that mobile number was mentioned "9999999999" which he tried to find it from True Caller that it is a fraud number and ther....