Aberdeen Institutional Commingled Funds LLC & Ors. v. AAR & Anr. (2019) 262 Taxman 346/ 177 DTR 1 / 308 CTR 287 / (2020) 421 ITR 183 (Bom.)(HC)

S. 2(31) : Person – Status of an entity incorporated abroad has to be determined even in India, according to the law of the country where the entity is incorporated. [S. 74, 80, 139(3)]

The Court held that, in accordance with the principles of Private International Law, as held by the Supreme Court in case of Technip S.A. vs. SMS Holding (P) Ltd. & Ors. (2005) 5 SCC 465, the status of an entity incorporated abroad, has to be determined even in India, according to the law of the country where the entity is incorporated. Accordingly, the Court held that change in avtar in law of the assessee would not disentitle the assessee in claiming loss. (AY. 2011-12) (WP No. 9358 of 2018, dt. 08.03.2019)