ACIT, CIRCLE-2(2)(1), INT. TAXATION, NEW DELHI vs. MAVEN INDIA FUND, MAURITIUS

ITA 1766/DEL/2023Status: DisposedITAT Delhi23 July 2024AY 2018-19Bench: SHRI SAKTIJIT DEY (Vice President), SHRI M. BALAGANESH (Accountant Member)13 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the SEBI information relied upon by the AO pertained to subsequent assessment years and was not relevant for the impugned year. It found that the assessee possessed a valid TRC and other licenses, and its directors were Mauritius residents, supporting its claim of being a tax resident of Mauritius.

What were the facts?

The assessee, a Mauritius-incorporated investment fund, claimed exemption on capital gains under the India-Mauritius DTAA. The Assessing Officer denied the claim, alleging control and management were outside Mauritius, based on SEBI information.

What were the issues?

Whether the assessee, holding a Tax Residency Certificate (TRC) from Mauritius, is eligible for benefits under the India-Mauritius DTAA when the Revenue alleges control and management lie outside Mauritius. Whether SEBI information pertaining to different assessment years can be used to deny treaty benefits.

Which sections of the Income-tax Act were involved?

Section 133(6),Section 10(34),Section 10(38)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, DELHI BENCH “D”: NEW DELHI

Before: SHRI SAKTIJIT DEY & SHRI M. BALAGANESH

For Appellant: Shri Deepak Chopra, Adv.; &, Ms. Priya Tondon, Adv
For Respondent: Shri Vijay B vasanta, CIT (DR)
Hearing: 13.06.2024Pronounced: 23.07.2024

PER SAKTIJIT DEY, VP:

The captioned appeal, by the Revenue, arises out of order dated 31.03.2023

of learned Commissioner of Income Tax (Appeals)-43, New Delhi, pertaining to the assessment year 2018-19. 2

2.

Grounds raised by the Revenue are as under:

“1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has erred ignoring the facts of the case that the assessee had failed to submit relevant documents like educational qualification of its directors, details about its key employees etc. which could prove that the decision making of the assessee lies outside Mauritius.

2.

Whether on the facts and i

The order continues below.

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