Allowing the appeal the Tribunal held that the capital gains on sale of property is exempt. The TRC issued by the competent authority of a particular country determines the tax residency of a particular person/entity which is  accepted by the Revenue in Circular No. 789, dt. 13th April, 2000. Followed, UOI v. Azadi Bachao Andolan (2003) 184 CTR  450, 263 ITR 706 (SC),  Blackstone Capital Partners (Singapore) VI FDI Three Pte. Ltd. v. Asstt. CIT (2023) 331 CTR  1  222 DTR 265, 452 ITR 111 (Delhi) (HC)  (AY.2020-21)