https://www.taxtmi.com/caselaws?id=390999 Interest on an income-tax refund was treated as treaty "interest" under the India-USA DTAA and taxable only at the treaty rate, so domestic surcharge and cess could not be added; the matter was restored for application of that rate. For a non-resident whose income was subject to tax deduction at source, interest under section 234B was held not leviable merely because the payer failed to deduct tax, and the levy was directed to be deleted. Interest under section 234C required factual verification and was remitted for examination. Loss on rollover or cancellation of forward foreign exchange contracts was treated as capital loss, not income from other sources, and the Revenue's challenge failed. en-us Fri, 10 Jan 2020 00:00:00 +0530 Thu, 16 Jan 2020 19:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390999 Interest on an income-tax refund was treated as treaty "interest" under the India-USA DTAA and taxable only at the treaty rate, so domestic surcharge and cess could not be added; the matter was restored for application of that rate. For a non-resident whose income was subject to tax deduction at source, interest under section 234B was held not leviable merely because the payer failed to deduct tax, and the levy was directed to be deleted. Interest under section 234C required factual verification and was remitted for examination. Loss on rollover or cancellation of forward foreign exchange contracts was treated as capital loss, not income from other sources, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390999