JUDGMENT :

K. R. SHRIRAM, J.

1. Rule. Rule made returnable forthwith and heard and disposed at the admission stage itself with the consent of the counsel.

2. In both the petitions, a common ruling dated 18th March 2020 passed by the Authority for Advance Ruling (Income Tax) (hereinafter referred to as AAR) is impugned. Hence both the petitions are taken up together. Shri Kotangle did not wish to file any reply since according to him only questions of law were involved. We shall take Writ Petition No.770 of 2021 filed by Abu Dhabi Investment Authority (hereinafter referred to as ADIA) as lead petition.

3. ADIA is a public institution owned by and subject to the supervision of the Emirate of Abu Dhabi. Article 4 (2) (d) of the India-United Arab Emirates (“UAE”) Double Taxation Avoidance Agreement (hereinafter referred to as the “India-UAE DTAA”) expressly provides that ADIA is a resident of UAE for the purposes of Article 4 thereof and, accordingly, ADIA is entitled to invoke the beneficial provisions of the India-UAE DTAA for the purpose of determining its tax liability in India. ADIA files its return of income (hereinafter referred to as “ROI”) in India, disclosing therein income that