https://www.taxtmi.com/caselaws?id=211049 Interest paid to the Swedish lender was treated as exempt in India under Article 11(3) of the India-Sweden tax treaty because the Protocol's Most Favoured Nation clause allowed the benefit of the later India-Ireland treaty provision to be imported. Mere loan guarantee by EKN did not by itself satisfy the original exemption wording, but the treaty override through the Protocol extended the relief. As the interest was not chargeable to tax in India and the lender had no permanent establishment there, it was not assessable as business profits and no withholding obligation arose under section 195. en-us Tue, 28 Feb 2012 00:00:00 +0530 Wed, 13 Jun 2012 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211049 Interest paid to the Swedish lender was treated as exempt in India under Article 11(3) of the India-Sweden tax treaty because the Protocol's Most Favoured Nation clause allowed the benefit of the later India-Ireland treaty provision to be imported. Mere loan guarantee by EKN did not by itself satisfy the original exemption wording, but the treaty override through the Protocol extended the relief. As the interest was not chargeable to tax in India and the lender had no permanent establishment there, it was not assessable as business profits and no withholding obligation arose under section 195. Case-Laws Income Tax Tue, 28 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211049