Hon’ble Delhi bench of Income Tax Appellate Tribunal (‘ITAT’) in the case GAGIL FDI Limited v. Assistant Commissioner of Income Tax
May 15, 2025
The Hon’ble ITAT held that once it is established that GAGIL FDI Limited (‘assessee’) is carrying its business activities in Cyprus and holds a valid Tax Residency Certificate (‘TRC’) issued by Revenue Authority at Cyprus, it is not merely a pass through entity.