Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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Contentions of the assessee • The assessee is holding Tax Residency Certificate issued by Mauritius Revenue Authority and is eligible to claim benefits under India-Mauritius DTAA. • Article 13(4) of the DTAA provides that the profits made by a resident of a contracting state from the alienation of shares shall be taxable only in that state. • The CBDT, in Circular No.789 dated 13 April 2000, has clarified that under Article 13(4) of the DTAA, a resident of one state shall mean any person who is liable to tax under the laws of that state. • In the case of Azadi Bachao Andolan, the Supreme Court has held that the certificate of residence issued by Mauritius Revenue Authority constitutes a valid and sufficient evidence of residential status under India-Mauritius DTAA August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 32
Contentions of the assessee • The CBDT in Circular No. 682 dated 30 March 1994 has further clarified that under the India-Mauritius DTAA, a resident of Mauritius having income from alienation of shares of Indian company shall be liable to tax only in Mauritius. • The AAR in case of E*Trade Mauritius (case no. 862 of 2009) and the Delhi ITAT in case of Saraswati Holding Corporation have upheld the above view Contentions of the department • The department did not present its case before the AAR. August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 33
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Page 5 and 6: Contents 1. CIT vs Parle Plastics L
Page 7 and 8: Facts & Background • Assessee was
Page 9 and 10: Facts & background in reference to
Page 11 and 12: Timken Co.,In re [2010] 193 Taxman
Page 13 and 14: Arguments Assessee’s arguments Th
Page 15 and 16: AAR ruling (f) (g) As the applicant
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Page 19 and 20: Arguments Assessee’s arguments De
Page 21 and 22: Tribunal’s observations and decis
Page 23 and 24: JCIT vs. Patni Computer Systems (P)
Page 25 and 26: CIT (Appeal)’s observations and d
Page 27 and 28: Assessee’s arguments • All the
Page 29 and 30: D B Zwirn Mauritius Trading No. 2 L
Page 31: Issues before the Tribunal • Whet
Page 35 and 36: Questions ?? August, 2011 CA Sanjee

Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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