Court :
Brief :
The Supreme Court has reiterated in its judgment, Dy Commissioner of Income Tax vs Torqouise Investment & Finance Ltd, the principle that Double Taxation Avoidance Agreement (DTAA) entered into by the Government of India with foreign governments would override the provisions of the Income Tax Act if they are at variance with the provisions of the Act.
It was held that from a plain reading of Article XI of the DTAA, it was clear that dividend income would be taxed only in the contracting states where such income accrued.
The court thus dismissed a large batch of appeals moved by the tax authorities before the Supreme Court against the orders of the tax appellate tribunals favouring assessee companies.
Citation :
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