https://www.taxtmi.com/caselaws?id=71229 The Tribunal ruled in favor of the assessee, determining that the interest paid on the purchase of ships was considered part of the purchase price and did not qualify as "interest" under the Double Taxation Avoidance Agreement (DTAA). As a result, the assessee was not obligated to deduct tax at source under Section 195 of the Income-tax Act. The Tribunal overturned the disallowance under Section 40(a)(i) and directed that the assessee should be allowed the deduction of the interest amount. en-us Tue, 16 Apr 2002 00:00:00 +0530 Fri, 22 Apr 2011 10:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71229 The Tribunal ruled in favor of the assessee, determining that the interest paid on the purchase of ships was considered part of the purchase price and did not qualify as "interest" under the Double Taxation Avoidance Agreement (DTAA). As a result, the assessee was not obligated to deduct tax at source under Section 195 of the Income-tax Act. The Tribunal overturned the disallowance under Section 40(a)(i) and directed that the assessee should be allowed the deduction of the interest amount. Case-Laws Income Tax Tue, 16 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71229