The Mumbai Income Tax Appellate Tribunal (ITAT) recently issued an order regarding beneficial ownership requirements and the provisions of Article 13 (Capital Gains) of the 1982 income and capital tax treaty with Mauritius. In particular, the order addresses whether beneficial ownership requirements must be met in order to benefit from paragraph 4 of Article 13, which essentially provides that gains from the alienation of property not specified in Article 13 are only taxable in the Contracting State of residence of the Alienator. In the case at hand, a company established in Mauritius (the assessee), and wholly owned by a company...