Bombay HC overturns AAR ruling and holds stake sale of Indian Co by Mauritius SPV is grandfathered under India Mauritius DTAA
Facts of the case
• Bid Services Division (Mauritius) Ltd., (‘Taxpayer’), a Mauritius based company is a wholly owned subsidiary of Bid Services Division (Proprietary) Limited which in turn is owned by Bidvest Group Limited, a South African company. The Taxpayer has been issued a valid Tax Residency Certificate (‘TRC’) by the Mauritian revenue authorities and has its place of effective management is also situated in Mauritius.