Case Law Analysis
|Income Tax Appellate Tribunal
India-Mauritius DTAA Article 11 | Mauritius Entity with GBL Licence, FPI Registration & Control Over ECB Funds Held Beneficial Owner : ITAT Delhi
ITAT Delhi rules a Mauritius entity holding a Category I GBL licence, FPI registration, and actual control over ECB funds satisfies the beneficial ownership test under Article 11 for interest income on ECBs lent to Indian group companies. The tribunal also denies the Section 194LD concessional withholding rate for non-convertible debentures.