https://www.taxtmi.com/caselaws?id=753119 The text explains that a foreign bank branch, not being a domestic company, falls within the class of companies other than domestic companies and is therefore taxed at the rate applicable to that class under the Income-tax Act and Finance Act. It states that the Explanation to section 90 is not inconsistent with Article 24(2) of the India-Netherlands DTAA because the non-discrimination rule does not prevent distinct statutory classes from carrying different tax rates. It also states that CBDT Circular No. 333 and the 21.11.1994 letter cannot override clear statutory rate provisions. The statutory classification between domestic and foreign companies is presented as governing the applicable rate of tax. en-us Wed, 22 May 2024 00:00:00 +0530 Fri, 24 May 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753119 The text explains that a foreign bank branch, not being a domestic company, falls within the class of companies other than domestic companies and is therefore taxed at the rate applicable to that class under the Income-tax Act and Finance Act. It states that the Explanation to section 90 is not inconsistent with Article 24(2) of the India-Netherlands DTAA because the non-discrimination rule does not prevent distinct statutory classes from carrying different tax rates. It also states that CBDT Circular No. 333 and the 21.11.1994 letter cannot override clear statutory rate provisions. The statutory classification between domestic and foreign companies is presented as governing the applicable rate of tax. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753119