It is not at whim or fancy of a Tax authority to decide as to what constitutes beneficial ownership

Blackstone FP Capital Partners Mauritius V Ltd Vs DCIT (ITAT Mumbai)

In this case Assessing Officer has clearly fallen in error in proceeding on the basis that the concept of beneficial ownership is relevant in the context of article 13, without assigning any specific and cogent reasons in support of this inference. We are unable to approve this approach. We, therefore, deem it fit and proper to vacate the impugned assessment order and remit the matter to the file of the Assessing Officer for deciding the fundamental issue a

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