India-USA DTAA interpretation prevailed over retrospective amendment where earlier binding view already favoured the assessee.

On similar facts to the assessee's preceding year, the appeals were treated as governed by the earlier decision in the assessee's favour, which had been affirmed by the jurisdictional High Court. The Revenue's reliance on the retrospective amendment in the Finance Act, 2012 did not displace that binding view because the India-USA DTAA itself had not changed and the Revenue did not rebut that position. The matter was therefore resolved in favour of the assessee, with the appeals allowed.

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Issues: Whether the assessee's appeals were covered in its favour by the earlier assessment year decision affirmed by the jurisdictional High Court, and whether the retrospective amendment in the Finance Act, 2012 altered the effect of the India-USA DTAA.

Analysis: The issue in the present appeals was found to be on similar facts as the assessee's own case for the preceding assessment year, which had already been decided in favour of the assessee and confirmed by the jurisdictional High Court. The retrospective amendment relied upon by the Revenue was held not to displace that earlier binding view, since there was no change in the DTAA between India and USA and the Revenue did not rebut that position.

Conclusion: The issue was decided in favour of the assessee, and the appeals were allowed.

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