Even an Indian company can claim the benefits of non-discrimination under the DTAA

Where the assessee was an Indian company and more than 51% of its equity share capital was held by a German company (Daimler Benz AG) and pursuant to an offshore merger the said shares came to be held by another German company (DaimlerChrysler AG) and there being a change of more than 51% of the beneficial interest in the shares, the question arose whether section 79 of the Act (pre- amendment) applied and the loss suffered by the assessee in the earlier years was not eligible for carry forward & set-off – HELD: (1) Under Article 24 (4) of the India-Germany DTAA, Enterprises of India...