11.01.2024 - Blackstone (NYSE: BX) announced today that Ken Caplan, current Global Co-Head of Real Estate, and Lionel Assant, European Head of Private Equity, have been elevated to newly created roles as Global Co-Chief Investment Officers (CIOs) of Blackstone. .
The apex court this week has given an interim stay on a significant Delhi High Court ruling in early 2023 that a tax residency certificate (TRC) is sufficient for a foreign investor s claim to pay zero or lower tax under treaties between India and overseas jurisdiction like Mauritius, Singapore and The Netherlands.
Even though the department had the authority to dispute the residential status of the assessee merely on the strength of the Tax Residency Certificate (TRC), it was incumbent upon the department to make a proper inquiry and to establish the fact that the party claiming benefit and the strength of the TRC was a shell or conduit company.
ITAT Delhi held that as shares were acquired prior to 01.04.2017, gain derived from sale of such equity shares is exempt under Article 13(4) of India-Mauritius DTAA.