BLACKSTONE FP CAPITAL PARTNERS MAURITIUS V LTD.,MAURITIUS vs. DY CIT (INTERNATIONAL TAXATION) CIRCLE-1(2)(2), MUMBAI

ITA 981/MUM/2021Status: FixedITAT Mumbai17 May 2022AY 2016-177 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the Assessing Officer erred in assuming the concept of beneficial ownership is relevant to Article 13 of the treaty without proper justification. The matter was remitted back to the Assessing Officer to first determine if beneficial ownership is an implicit requirement of Article 13 and, if so, its connotations.

What were the facts?

The assessee, a Mauritius-based company, claimed treaty protection under the India-Mauritius DTAA for long-term capital gains from selling shares of an Indian company. The Assessing Officer denied this, arguing the beneficial ownership lay with Cayman Island entities and lifting the corporate veil.

What were the issues?

Whether the concept of beneficial ownership is implicitly required to claim treaty protection under Article 13 of the India-Mauritius DTAA, and if so, what are its connotations in this context.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 154

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, MUMBAI I BENCH, MUMBAI

Per Pramod Kumar VP The assessee has filed two appeals- first, against the original assessment order dated 5th

1.

April 2021 passed by the Assessing Officer under section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961, for the assessment year 2016-17, and- second, against the rectification order dated 8th September 2021 under section 154 r.w.s. 143(3) and 144C(13) rectifying the assessment order dated 5th April 2021 as “on perus

The order continues below.

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