Interpreting Residence under Indian Tax Law: The ITAT's decision in Binny Bansal
The Income Tax Appellate Tribunal (Tribunal) has delivered a significant ruling in Binny Bansal v. DCIT (Binny Bansal), on the determination of residential status under the Income Tax Act, 1961 (Act). In its decision, the tribunal held that Mr. Binny Bansal (Assessee), former co-founder of Flipkart, qualified as a resident in India for the relevant assessment year, thereby rendering income of approximately Rs. 1,081 crores taxable in India. The ruling adopts a substance-oriented approach to the
