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2020 (3) TMI 1242 - AT - Income TaxIncome accrued in India - Taxability of interest income of foreign currency loans and securities - Indo-Mauritius Tax Treaty - ‘beneficial owner’ - HELD THAT:- We have considered the decisions of the Tribunal in assessee’s own case in the preceding assessment years. We observe that in the case of present assessee taxability of interest income of foreign currency loans and securities is a perennial issue. This issue had come up for consideration before the Tribunal for the first time in assessee’s case in assessment year 2011-12. The Tribunal after considering the facts of the case, CBDT Circular No.789 dated 13/04/2000 , Indo-Mauritius Tax Treaty and decision rendered in the case of Director of Income Tax vs. Universal International Music BV [2013 (4) TMI 641 - BOMBAY HIGH COURT]. Tribunal has considered the issue of assessee being beneficial ownership of the interest income. The Co-ordinate Bench in an unequivocal manner has held that the assessee is a ‘beneficial owner’ of the interest income. Undisputedly, the nature of interest income in assessment year under appeal is no different preceding assessment years. Ergo, we do not concur with the argument of ld. Departmental Representative that the Tribunal has not considered the fact in the past that the interest is not beneficially owned by the assessee. In the light of decision of the Co-ordinate Bench on the issue raised in the appeal by Revenue we find no infirmity in the impugned order. - Decided against revenue.
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