BLACKSTONE CAPITAL PARTNERS (SINGAPORE) VI FDI THREE PTE. LTD. Vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE INTERNATIONAL TAXATION 1(1)(2), DELHI

JUDGEMENT

(1.) The core issue that arises for consideration in the present writ petition is whether the respondent-revenue can go behind the tax residency certificate issued by the other tax jurisdiction and issue re-assessment notice under Sec. 147 of the Income Tax Act, 1961 (for short 'the Act') to determine issues of residence status, treaty eligibility and legal ownership.

(2.) The relevant facts of the present case are that during the Assessment Year 2014-2015, the petitioner-Blackstone Capital Partners (Singapore) VI FDI Three Pte. Ltd. acquired equity shares of Agile Electric Sub Assembly Private Limited, a Company incorporated in India ("Agile") in two tranches, i.e. on 16/8/2013 and 31/10/2013.

(3.) During the year under consideration, i.e. Assessment Year 2016-2017, the petitioner sold all the equity shares of Agile to Igarashi Electric Works Limited ("Igarashi") and other parties on 30/7/2015.