Non-Residents are allowed to toggle between the DTAA and the Income tax Act, whichever is beneficial to them

Court: Mumbai bench of the Income Tax Appellate Tribunal Citation: Flagship Indian Investment Company (Mauritius) Limited (2010-TII-93-ITAT-MUM-INTL) Brief: Ruling  allows the non-resident assessees to toggle between the DTAA and the Act. The logic of the decision is also in consonance with the provisions of the section 90(2) of the Act which allows the non-residents to be governed by the provisions of the DTAA or Act, whichever is beneficial to them. Facts: Flagship Indian Investment Company (Mauritius) Limited (‘assessee’) was incorporated and a tax resident of Mauritius. The assessee ...