Can Indian revenue authorities go after tax residency certificate issued by other tax jurisdiction and issue a re-assessment notice u/s 147 Income Tax Act? Delhi High Court rules
A clarificatory press release dated 1-03-2013 issued by the Finance Ministry pursuant to the 2013 amendment makes it clear that a Tax Residency Certificate is to be accepted and tax authorities cannot go behind it. Further, based on repeated assurances to foreign investors by way of CBDT Circulars as well as press releases and legislative amendments and decisions of the Courts, the revenue cannot go behind TRC.
