Tax Law Updates | New Statutes, Regulations, and Rulings
April 28, 2010
Mumbai Appellate Tribunal: UAE-Based Company Eligible for Tax Benefits under Indian-UAE Tax Treaty
Hindustan Petroleum Corporation Ltd v. ACIT
Case No._____, 11/25/2009
The Mumbai Income Tax Appellate Tribunal (“MITAT”) has ruled that a company that is based in the United Arab Emirates (“UAE”) and that is also not liable to pay tax in that country can avail of tax exemption benefits provided by the India-UAE Tax Treaty (“Treaty”).
Under Article 4 of the Treaty, a UAE resident is any person who is liable to pay tax on account of domicile, place of management, or any other status of similar nature.
In this case, the assessee is an entity that was incorporated in India, and was involved in the oil refinery business. It entered…
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