Held that the concept of beneficial ownership is a sine qua non to entitlement to treaty benefits cannot, in absence of a specific provision to that effect, be inferred or assumed; Assessing Officer was directed to decide by speaking order whether only ‘beneficial owner’ could avail the benefit of article 13 of DTAA. (AY. 2016-17)
Blackstone FP Capital Partners Mauritius V Ltd. v. CIT IT (2022) 195 ITD 462 / 217 TTJ 753 (Mum.)(Trib.)
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Capital gains-Share transactions-Beneficial ownership-AO is directed to decide the issue by passing speaking order-DTAA-India-Mauritius. [Art. 13]