Assessee, a company incorporated in Mauritius and was engaged in business of investment activities. During year under consideration, assessee transferred shares of Indian companies and thereby earned long term capital gains (LTCG) on such transfers and  claimed LTCG as exempt as per article 13(4) of India-Mauritius Tax Treaty.  Assessing Officer denied treaty benefits to assessee on ground that assessee was a mere conduit entity without any economic substance.CIT(A) affirmed the order of the AO. On appeal the Tribunal held that assessee was an investment fund, which pooled capital from investors from various countries through series of funds investor vehicles/feeder funds creating a master fund which was used for investment into various entities in India.  Further, assessee was earlier also making investment and divestments and still held investment in various other companies. There was no allegation of Assessing Officer on basis of any evidence that any investment flowing from India was received for creating assessee.  Since investments were held for over five years before they were transferred and day to day administrative activities of assessee company were as per law of land and except for suspicion there was no evidence with Assessing Officer to rebut statutory evidence of presumption of genuineness of business activity of assessee on basis of TRC held by assessee, Assessing Officer is  not justified in denying treaty benefits to assessee. (AY. 2018-19)