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ITAT held that the lower rate under the India-Singapore DTAA (5% plus surcharge and cess) applies to the interest income and that the erroneous computation at 15% in the return should not advantage Revenue. The matter is remitted to the file of the AO for verification: the assessee is directed to produce documentary evidence substantiating entitlement to the 5% treaty rate (plus surcharge and cess) and the AO is directed to verify the claim in accordance with law and allow the reduced rate if proven. The CIT(A)'s power to accept the revised, lower tax rate is recognized, subject to AO's factual and legal verification.
ITAT held that the lower rate under the India-Singapore DTAA (5% plus surcharge and cess) applies to the interest income and that the erroneous computation at 15% in the return should not advantage Revenue. The matter is remitted to the file of the AO for verification: the assessee is directed to produce documentary evidence substantiating entitlement to the 5% treaty rate (plus surcharge and cess) and the AO is directed to verify the claim in accordance with law and allow the reduced rate if proven. The CIT(A)'s power to accept the revised, lower tax rate is recognized, subject to AO's factual and legal verification.
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