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The ITAT held that guarantee fees received by a South Korean resident company from its Indian subsidiary do not constitute business profits or interest under the India-Korea DTAA. The fees do not fall under Articles 6, 7, or 11 but are governed by the residual Article 22 'Other Income.' Since the income arises from a source not specifically covered by other treaty provisions, it is taxable only in the resident state, South Korea. Consequently, the Tribunal ruled that the guarantee fees are not taxable in India under the Income-tax Act. The addition made by the Assessing Officer was deleted, and the assessee's appeal was allowed.
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