“treaty benefits”

FORT CANNING CREDIT INVESTMENTS PTE. LTD.,SINGAPORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION) - 2(3)(1), MUMBAI, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2022-23 Fort Canning Investments Assistant Commissioner Of Pte. Ltd. Income-Tax (International 260 Orchard Road, #14-02 Taxation) - 2(3)(1) Vs. The Heeren, Singapore, Mumbai Singapore – 238855 (Pan: Aaccf9284G) (Appellant) (Respondent) Assessment Year: 2022-23 Fort Canning Credit Assistant Commissioner Of Investments Pte. Ltd. Income-Tax (International 260 Orchard Road #14-02 Taxation) - 2(3)(1) Vs. The Heeren, Singapore, Mumbai Singapore – 238855 (Pan: Aadcf7866R) (Appellant) (Respondent) Present For: Assessee : Shri Dhanesh Bafna, Ms. Priyanka Agarwala, Ms.Hirali Desai, Ms. Nidhi Agarwal & Shri Yogesh Malpani, Cas Revenue : Shri Satya Pal Kumar, Cit Dr & Shri Krishna Kumar, Sr. Dr Date Of Hearing : 29.10.2025 Date Of Pronouncement : 27.01.2026 Fort Canning Investments Pte. Ltd. & Fort Canning Credit Investments Pte. Ltd. Ay 2022-23

avail the benefit of non taxability of this capital gain, the non resident financial creditor was required to furnish certain documents to claim treaty benefits, all of which were furnished for the same. This position adopted by the committee of creditors of DHFL reflects that the settlement consideration was intended ... capital gain on the said transaction to arrive at capital gains. Assessee being non-resident and having furnished all the necessary documents to claim treaty benefit, resorted to provisions contained in Article 13(5) of India – Singapore DTAA. Accordingly, apportionment of settlement Fort Canning Investments Pte. Ltd. and Fort Canning

FORT CANNING INVESTMENTS PTE. LTD. ,SINGAPORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION) - 2(3)(1), MUMBAI, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2022-23 Fort Canning Investments Assistant Commissioner Of Pte. Ltd. Income-Tax (International 260 Orchard Road, #14-02 Taxation) - 2(3)(1) Vs. The Heeren, Singapore, Mumbai Singapore – 238855 (Pan: Aaccf9284G) (Appellant) (Respondent) Assessment Year: 2022-23 Fort Canning Credit Assistant Commissioner Of Investments Pte. Ltd. Income-Tax (International 260 Orchard Road #14-02 Taxation) - 2(3)(1) Vs. The Heeren, Singapore, Mumbai Singapore – 238855 (Pan: Aadcf7866R) (Appellant) (Respondent) Present For: Assessee : Shri Dhanesh Bafna, Ms. Priyanka Agarwala, Ms.Hirali Desai, Ms. Nidhi Agarwal & Shri Yogesh Malpani, Cas Revenue : Shri Satya Pal Kumar, Cit Dr & Shri Krishna Kumar, Sr. Dr Date Of Hearing : 29.10.2025 Date Of Pronouncement : 27.01.2026 Fort Canning Investments Pte. Ltd. & Fort Canning Credit Investments Pte. Ltd. Ay 2022-23

avail the benefit of non taxability of this capital gain, the non resident financial creditor was required to furnish certain documents to claim treaty benefits, all of which were furnished for the same. This position adopted by the committee of creditors of DHFL reflects that the settlement consideration was intended ... capital gain on the said transaction to arrive at capital gains. Assessee being non-resident and having furnished all the necessary documents to claim treaty benefit, resorted to provisions contained in Article 13(5) of India – Singapore DTAA. Accordingly, apportionment of settlement Fort Canning Investments Pte. Ltd. and Fort Canning

ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF (AS A SUCCESSOR TO ISHARE CORE TAOTAL INTERNATIONAL STOCK MAURITIUS COMPANY ),MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

absence thereof, we cannot impose the same. In any event, this question is relevant only in the year in which the assessee claims the treaty benefits and not in this year in which the provisions of the Act are clearly more beneficial to the assessee, and, therefore, the assessee does

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

absence thereof, we cannot impose the same. In any event, this question is relevant only in the year in which the assessee claims the treaty benefits and not in this year in which the provisions of the Act are clearly more beneficial to the assessee, and, therefore, the assessee does

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF,MUMBAI vs. DCIT (INT. TAX)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

absence thereof, we cannot\nimpose the same. In any event, this question is relevant only in the year in which\nthe assessee claims the treaty benefits and not in this year in which the provisions\nof the Act are clearly more beneficial to the assessee, and, therefore, the assessee\ndoes

G S STRATEGIC INVESTMENTS LIMITED ,MUMBAI vs. ACIT INTERNATIONAL TAX CIRCLE 2(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

that total income is first to be computed under the Act by aggregating and netting gains and losses (including brought forward losses) and thereafter treaty benefit is to be applied; that an assessee cannot, on one hand, claim income as exempt/not chargeable under DTAA and, on the other, carry forward ... deploy a non-chargeable treaty-protected income as a notional base to absorb otherwise valid carried forward losses, effectively neutralising a part of the treaty benefit by indirection. 15. The statutory language of section 74 is of great significance. Section 74 provides that where, in respect of any assessment year

FULLERTON FINANCIAL HOLDINGS PTE. LTD.,SINGAPORE vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX - (INTERNATIONAL TAXATION), CIRCLE 2(3)(1) - MUMBAI, MUMBAI

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

Incorrect invocation of Article 24A(1) of the India- Singapore DTAA - Affairs of the Appellant Not Arranged with the Primary Purpose of Availing Treaty Benefits 15 ITA No.1137/Mum/2025; A.Y. 2022-23 Fullerton Financial Holdings Pte. Ltd. Proposition No. 2: Incorrect invocation of Article 24A(2) of the India- Singapore DTAA ... benefits under the India-Singapore DTAA • While Article 24A(2) of the India-Singapore DTAA, a Singapore resident entity would not be eligible for treaty benefits if such entity is a "shell or conduit" company, i e. it is an entity which has nil or negligible business operations in Singapore

GOLDMAN SACHS (SINGAPORE) PTE,SINGAPORE vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATION TAX)-2(3)(2), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

treaty can result in the entire (gross) income being not subject to tax in India in a year where a taxpayer claims treaty benefits. Therefore, in a year in which a taxpayer claims benefit of Article 13(4) of the India- Mauritius tax treaty, the entire gains he earns will ... extent of inconsistency with the terms of the DTAC." 23. There could however be years where a taxpayer chooses not to claim treaty benefit as we have already noted above that he can do so under the provisions of section 90(2) of the Act. When he does

GOLDMAN SACHS (SINGAPORE) PTE,SINGAPORE vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATION TAX)-2(3)(2), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

treaty can result in the entire (gross) income being not subject to tax in India in a year where a taxpayer claims treaty benefits. Therefore, in a year in which a taxpayer claims benefit of Article 13(4) of the India- Mauritius tax treaty, the entire gains he earns will ... extent of inconsistency with the terms of the DTAC." 23. There could however be years where a taxpayer chooses not to claim treaty benefit as we have already noted above that he can do so under the provisions of section 90(2) of the Act. When he does

SKY HIGH II LEASING COMPANY LIMITED ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX) CIRCLE 4(2)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

international level could not override the domestic legal requirement of notification and therefore the revenue’s reliance on the MLI to deny treaty benefits is not sustainable. With respect to applicability of PPT on merits of the case the Tribunal held that –  The assessee had a valid Tax Residency Certificate ... removed aircraft-leasing income from source-based taxation. Relief from source taxation of aircraft-leasing income was a substantive object of the treaty.  The treaty benefits claimed by the assessee aligned perfectly with the object and purpose of the DTAA, which was to promote investment and ease of business

SKY HIGH LXXX LEASING COMPANY LIMITED ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX) CIRCLE 4(2)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

international level could not override the domestic legal requirement of notification and therefore the revenue’s reliance on the MLI to deny treaty benefits is not sustainable. With respect to applicability of PPT on merits of the case the Tribunal held that –  The assessee had a valid Tax Residency Certificate ... removed aircraft-leasing income from source-based taxation. Relief from source taxation of aircraft-leasing income was a substantive object of the treaty.  The treaty benefits claimed by the assessee aligned perfectly with the object and purpose of the DTAA, which was to promote investment and ease of business

SKY HIGH LXXVIII LEASING COMPANY LIMITED ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX) CIRCLE 4(2)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

international level could not override the domestic legal requirement of notification and therefore the revenue’s reliance on the MLI to deny treaty benefits is not sustainable. With respect to applicability of PPT on merits of the case the Tribunal held that –  The assessee had a valid Tax Residency Certificate ... removed aircraft-leasing income from source-based taxation. Relief from source taxation of aircraft-leasing income was a substantive object of the treaty.  The treaty benefits claimed by the assessee aligned perfectly with the object and purpose of the DTAA, which was to promote investment and ease of business

SKY HIGH XC LEASING COMPANY LIMITED ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX) CIRCLE 4(2)(1), MUMBAI

Principal Purpose Test ('PPT') satisfied\nby the Appellant on merits\n- Claiming treaty benefit is in\naccordance with the object and\npurpose of treaty\n3.\nApplicability of Article 8 of India-\nIreland DTAA\n#9\n#9\n#9\n#9\n#9\n4.\nNo Permanent Establishment in India ... removed aircraft-leasing income from source-based taxation.\nRelief from source taxation of aircraft-leasing income was a substantive object\nof the treaty.\nThe treaty benefits claimed by the assessee aligned perfectly with the object and\npurpose of the DTAA, which was to promote investment and ease of business

SKY HIGH LXXIX LEASING COMPANY LIMITED ,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAX) CIRCLE 4(2)(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

international level could not override the domestic legal requirement of notification and therefore the revenue’s reliance on the MLI to deny treaty benefits is not sustainable. With respect to applicability of PPT on merits of the case the Tribunal held that –  The assessee had a valid Tax Residency Certificate ... removed aircraft-leasing income from source-based taxation. Relief from source taxation of aircraft-leasing income was a substantive object of the treaty.  The treaty benefits claimed by the assessee aligned perfectly with the object and purpose of the DTAA, which was to promote investment and ease of business

EBAY SINGAPORE SERVICES PVT. LTD.,MUMBAI vs. DCIT (IT) 2(2)(1), MUMBAI

In the result, the appeal filed by the assessee stands allowed

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

learned AO have erred in denying the entitlement of the Appellant to the benefits of the India-Singapore DTAA. The Appellant prays the treaty benefits are granted. 3 ITA No.2378/Mum/2022; A.Y. 2019-20 Ebay Singapore Services Private Limited 4. the learned DRP/ the learned AO have erred in holding that ... appropriate circumstance. Accordingly the application seeking admission of additional ground is not admitted. 5. The Ld.Sr.Counsel raised various Ground Nos.3-7: prepositions challenging denial of treaty benefit to the assessee as per India India-Singapore DTAA. Before raising his arguments, he took us through the facts that led to the issue