Tax Residency Certificate should be regarded as sufficient evidence for beneficial owner

Citation:- Assistant Director of Income-tax Vs. M/s. Universal International Music BV (ITA No. 6063/M/2004, 9034/M/2004, ITA 2304/M/2006 & ITA 5064/M/2006) dated 31 January 2011 The taxpayer, a resident of Netherlands, belongs to Universal group of companies which are engaged in manufacturing of audio and video recording, acquisition, alienation, exploitation, assigning and managing of copy rights, licenses, patents, etc. Under the business model, a group company would enter into contracts with various artists, singers etc. Such company was known as repertoire companies. The repertoire com...