The Indian Supreme Court issued a judgment on 24 April 2020 concerning whether the activities of a liaison office in India constituted a taxable permanent establishment (PE). The case involves a limited company incorporated in the United Arab Emirates, UAE Exchange Centre LLC (UAE Exchange), which is engaged in offering, among others, remittance services for transferring amounts from the UAE to various places in India. UAE Exchange was granted approval by the Reserve Bank of India to operate a liaison office in 1996 and for the assessment years 1998-1999 until 2003-2004 filed tax returns showing NIL income without any issue....