https://www.taxtmi.com/caselaws?id=412184 Article 11(1) of the India-Cyprus treaty was read as taxing interest only when it has actually arisen and been paid or received, rather than on a merely contingent or hypothetical basis. On that reading, the term "paid" was not extended to cover "payable" for taxing notional interest. The analysis also states that transfer pricing adjustments under section 92 of the Income-tax Act can apply only to income that is otherwise chargeable to tax, so a contingent return that neither accrued nor was received could not be benchmarked as deemed interest income. Earlier judicial and tribunal views on the same treaty language were noted as consistent with this approach. en-us Thu, 02 Sep 2021 00:00:00 +0530 Mon, 13 Sep 2021 09:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412184 Article 11(1) of the India-Cyprus treaty was read as taxing interest only when it has actually arisen and been paid or received, rather than on a merely contingent or hypothetical basis. On that reading, the term "paid" was not extended to cover "payable" for taxing notional interest. The analysis also states that transfer pricing adjustments under section 92 of the Income-tax Act can apply only to income that is otherwise chargeable to tax, so a contingent return that neither accrued nor was received could not be benchmarked as deemed interest income. Earlier judicial and tribunal views on the same treaty language were noted as consistent with this approach. Case-Laws Income Tax Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412184