https://www.taxtmi.com/caselaws?id=339252 Article analyses treaty relief for interest income earned by a Mauritius bank registered as an FII in India under Article 11(3)(c) of the India-Mauritius tax treaty. It explains that "derived" was read as referring to the recipient being a bank, and that "bona fide banking business" is assessed with reference to the banking business carried on in Mauritius, so FII activity in India does not by itself defeat the condition. It also notes that beneficial ownership must be established on facts, including fund flow, source of investments and end-use of income. Separately, it states that section 234B interest is not leviable on a non-resident where the income was subject to withholding tax in India. en-us Fri, 16 Dec 2016 00:00:00 +0530 Wed, 22 Feb 2017 18:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339252 Article analyses treaty relief for interest income earned by a Mauritius bank registered as an FII in India under Article 11(3)(c) of the India-Mauritius tax treaty. It explains that "derived" was read as referring to the recipient being a bank, and that "bona fide banking business" is assessed with reference to the banking business carried on in Mauritius, so FII activity in India does not by itself defeat the condition. It also notes that beneficial ownership must be established on facts, including fund flow, source of investments and end-use of income. Separately, it states that section 234B interest is not leviable on a non-resident where the income was subject to withholding tax in India. Case-Laws Income Tax Fri, 16 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339252