https://www.taxtmi.com/caselaws?id=60666 The Tribunal ruled in favor of the non-resident company, holding that the interest income earned on a deposit with a U.K. bank should not be taxed under section 9(1)(v) of the Income-tax Act. The Tribunal emphasized the specific provisions of section 9(1)(v) for taxing interest income of non-residents over general provisions, relieving the assessee from tax liability. It rejected the application of section 9(1)(i) and highlighted the importance of the source rule in determining taxability. The Tribunal's decision focused on the legislative intent behind section 9(1)(v) and concluded that the interest income did not meet the conditions for taxability under that provision. en-us Fri, 03 Dec 1993 00:00:00 +0530 Sun, 06 Feb 2011 02:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60666 The Tribunal ruled in favor of the non-resident company, holding that the interest income earned on a deposit with a U.K. bank should not be taxed under section 9(1)(v) of the Income-tax Act. The Tribunal emphasized the specific provisions of section 9(1)(v) for taxing interest income of non-residents over general provisions, relieving the assessee from tax liability. It rejected the application of section 9(1)(i) and highlighted the importance of the source rule in determining taxability. The Tribunal's decision focused on the legislative intent behind section 9(1)(v) and concluded that the interest income did not meet the conditions for taxability under that provision. Case-Laws Income Tax Fri, 03 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60666