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Beneficiary in Revocable Transfer vis-à-vis Resident in DTAA & Others - Bombay High Court in Abu Dhabi Investment Authority & Others
The recent judgment of Bombay High Court in the matter of Abu Dhabi Investment Authority[1] is a judgment for many firsts. The judgment is a result of challenge of AAR[2] ruling in Abu Dhabi Investment Authority (for brevity ‘ADIA’).
Issue:
ADIA is a public institution owned by and subject to the supervision of Emirate of Abu Dhabi. ADIA has challenged the ruling passed by AAR, wherein the later denied inter-alia the benefit of India-UAE[3] DTAA[4] in respect of the income accruing to the investments made or proposed to be made by Green Maiden A 2013 Trust (‘Trust’), which was established by ADIA as settlor and Equity Trust (Jersey) Limited as the trustee (ETL/Trustee). ADIA has invested USD[5] 200 million in India on revocable basis through the above trust, wherein ETL acted as trustee with sole beneficiary as ADIA.