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2020 (1) TMI 218 - AT - Income TaxIncome accrued in India - Addition of interest income earned on foreign currency loan given to Indian Corporates and on debt securities - HELD THAT:- As decided in own case we hold that the interest income earned by the assessee is not taxable in India as the assessee is a beneficial owner as per Article–11(3)(c) of the India–Mauritius Tax Treaty. Accordingly, grounds no.1 and 2 are allowed. Levy of interest u/s 234B - HELD THAT:- While deciding grounds no.1 and 2 we have deleted the addition made on account of interest income earned by the assessee. Consequently, there may not be any occasion for levy of interest under section 234B of the Act. Suffice to say, while deciding identical issue relating to levy of interest under section 234B of the Act, the Tribunal in assessee’s own case for the assessment year 2013–14 has held that no such interest can be levied as the payer of such interest is obliged under the Act to deduct tax at source.
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