https://www.taxtmi.com/caselaws?id=757339 Interest paid to China Development Bank was treated as exempt under Article 11(3) of the India-China DTAA because the institution was regarded as a financial institution wholly owned by the Government of China. The later protocol amendment was understood as a clarification confirming the existing treaty position, not as creating a new benefit. On that basis, no withholding obligation survived in respect of the interest payment, and the assessee could not be treated as an assessee in default under Sections 201 and 195 of the Income-tax Act, 1961. en-us Wed, 21 Aug 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757339 Interest paid to China Development Bank was treated as exempt under Article 11(3) of the India-China DTAA because the institution was regarded as a financial institution wholly owned by the Government of China. The later protocol amendment was understood as a clarification confirming the existing treaty position, not as creating a new benefit. On that basis, no withholding obligation survived in respect of the interest payment, and the assessee could not be treated as an assessee in default under Sections 201 and 195 of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757339