{"id":27155,"date":"2022-05-21T19:51:05","date_gmt":"2022-05-21T14:21:05","guid":{"rendered":"https:\/\/itatonline.org\/digest\/blackstone-fp-capital-partners-mauritius-v-ltd-v-dcit-it-appeal-nos-mumtrib-www-itatonlne-org\/"},"modified":"2023-03-07T07:32:50","modified_gmt":"2023-03-07T02:02:50","slug":"blackstone-fp-capital-partners-mauritius-v-ltd-v-dcit-it-appeal-nos-mumtrib-www-itatonlne-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/blackstone-fp-capital-partners-mauritius-v-ltd-v-dcit-it-appeal-nos-mumtrib-www-itatonlne-org\/","title":{"rendered":"Blackstone FP Capital Partners Mauritius V Ltd. v. DCIT (2022) 138 taxmann.com 328  (Mum)(Trib) www.itatonlne .org"},"content":{"rendered":"<p>Assessing Officer held that the income of Rs 904.98 crores earned by the assessee is in the nature of long term capital gains. \u00a0The Assessing Officer held that \u00a0the assessee company is claiming to be a wholly owned subsidiary of Blackstone FP Capital (Mauritius) VA Ltd Cayman Islands, had no independent existence. Its entire activity was controlled and directed as per the directions of its affiliates. The entire scheme of purchase and sale of shares was designed for the benefit of the entities in Cayman Islands of Blackstone Group, in the veil of carrying out transactions through them. Therefore, considering totality of fact \u00a0the assessee is not entitled for the benefit of DTAA with Mauritius. \u00a0\u00a0\u00a0Tribunal held that the\u00a0 the concept of beneficial ownership being a\u00a0<em>sine qua non\u00a0<\/em>to entitlement to treaty benefits cannot, in the absence of specific provision to that effect, cannot be inferred or assumed. The matter was remanded back to the Ld. Assessing Officer to adjudicate upon foundational issues, i.e., whether the concept of &#8216;beneficial ownership&#8217; is inbuilt in the scheme of Article 13 of Indo-Mauritius DTAA and, if so, what are the connotations of &#8216;beneficial ownership&#8217; in this context. \u00a0( ITA Nos . 981\/ 1725 \/Mum\/of 2021 dt\u00a0 17 -5 . 2022\u00a0 ( AY. 2016 -17 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 90: Double taxation relief  &#8211; Long term capital gains \u2013 Transfer of shares &#8211;  Beneficial Owner \u2013 cannot be assumed or inferred \u2013 AO to decide whether the concept of \u201cbeneficial owner\u201d is inbuilt in the scheme of Article 13 &#8211; Matter remanded  &#8211; DTAA-India \u2013 Mauritius. [  S. 143(3),154 , Art . 10, 11 , 13(4)  ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27155","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-73Z","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27155"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27155\/revisions"}],"predecessor-version":[{"id":33157,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27155\/revisions\/33157"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}