COMMISSIONER OF INCOME-TAX Vs. JSH (MAURITIUS) LTD.

JUDGEMENT

(1.) The present Respondent applied for an advance ruling to the Authority for Advance Rulings (Income-Tax), New Delhi (hereinafter referred to as "AAR" for the sake of brevity) to ascertain whether capital gains in respect of the transfer of shares of Tata Industries Limited (hereinafter referred to as "TIL" for the sake of brevity) to Tata Sons Limited (hereinafter referred to as "TSL" for the sake of brevity) are taxable in India in the hands of the Respondent/Applicant by virtue of the India-Mauritius Tax Treaty.

(2.) The Authority for Advance Rulings (Income-Tax), New Delhi answered the aforesaid three questions in favour of the Respondent. Aggrieved thereby, the Commissioner of Income-Tax (International Taxation)3 has filed present Writ Petition.

(3.) Mr. Chandarpal, the learned counsel for the Petitioner in a lucid manner canvassed following submissions :