S. 245R : Advance rulings-Non-Resident-Entitlement to benefits under double taxation avoidance agreement-Transfer of shares-Transfer of shares in foreign company by non-resident assessee to another non-resident company-Treat shopping-Mere routing of investments through Mauritius cannot result in drawing adverse inference or raise presumption of illegality or treaty abuse-Order of Authority for Advance Rulings denying benefits illegal and unsustainable-Instructions of Central Board Of Direct Taxes-Certificate of residence issued by Mauritius Authorities would constitute sufficient and valid evidence-Circular No. 682, Dated 30-3-1994 (1994) 207 ITR (St) 7, Circular No. 789, Dated 13-4-2000 (2000) 243 ITR (St) 57-Applicant is not liable to tax on capital gains on transfer of shares to another non-resident-Treaty will prevail over provisions of Act-Legal Fiction Comprised In Article 27A-Subsidiaries have distinct and independent persona-Order of Authority for Advance Rulings holding that Article 13(3A) applicable only to sale of shares of resident company assessee not covered by Article 13(3A) is unsustainable-Economic substance-Assessee Transferring shares on which investments were made from capital contributions of its shareholders-Extent of investments, holding period and dividend declared to shareholders proving that contention of revenue that assessee lacked economic substance erroneous-Beneficial owner-Concept of beneficial owner gets attracted only if recipient of income or holder of asset mere depository-No finding that income controlled and regulated by third party-Allegation of revenue that sum earned from transfer of shares being beneficially held by assessee is misconceived and untenable-Resolution of Board-Power conferred on certain individuals to operate bank accounts-No payments authorised without concurrence of members of Board Of Directors-Merely because two members of board were connected with larger conglomerate it could not be held that assessees were reduced to mere puppets-Avoidance of tax-Company-Corporate entity-Non-Resident-Lifting of corporate veil-Department must first establish treaty abuse-Share transaction duly grand fathered by virtue of Article 13(3A)-Order of Authority For Advance Rulings holding that share transaction aimed at tax avoidance arbitrary and illegal-Assessee is entitled to benefits under Article 13(3A) of Double Taxation Avoidance Agreement-Interpretation of taxing statutes-Domestic legislation cannot be interpreted in manner to be in direct conflict with Double Taxation Avoidance Agreement provision or with over-riding effect over provisions of Double Taxation Avoidance Agreement-DTAA-India-Mauritius.[S. 45 90, 119,245R(2) Art.13(3) 13(3A), 27A]