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2021 (10) TMI 446 - ITAT MUMBAIIncome accrued in India - Interest income from foreign currency loan and Securities - proof of beneficial ownership of funds - eligibility ot claim exemption under Article 11(3)(c) of India-Mauritius DTAA - treaty interpretation - HELD THAT:- As decided in own case [2020 (3) TMI 1372 - ITAT MUMBAI] CBDT Circular no. 789 dated 13.04.2000 would equally apply even in the situation before us where the application of the provisions of the India-Mauritius Tax Treaty is sought to be applied for considering the taxability of interest income as per Article 11(3)(c) of the India- Mauritius Tax Treaty - even in the context of the impugned interest income, Circular no. 789 dated 13.04.2000 (supra) of the CBDT is applicable while applying the provisions of Article 11(3)(c) of the India-Mauritius Tax Treaty. On this aspect itself we uphold the plea of the assessee that assessee is the 'beneficial owner' of the impugned interest income on the strength of the Tax Residency Certificate issued by the Mauritian authorities. - Decided in favour of assessee.
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