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Whether on the facts and in the circumstances of the case, the learned CIT(A) was justified in directing the AO to follow the decision of Hon'ble Tribunal on Interest income from foreign currency loan and Securities, ignoring the fact that, the assessee has not even furnished the financials e.g. Annual reports. etc. during the course of assessment proceedings and has failed to prove the beneficial ownership of funds which is one of the prerequisite to claim exemption under Art. 11(3)(c) of India-Mauritius DTAA?

Section 11 and 90 of the Income Tax Act, 1961- Double taxation relief - Interest received by the assessee, pursuant to Art. 11(3)(c) of the India-Mauritius tax treaty would not be exigible to tax in India as assessee had failed to substantiate that it was the beneficial owner of the interest income and not a conduit company - - DEPUTY CIT V/s HSBC BANK (MAURITIUS) LTD - [2020] 27 ITCD Online 025 (ITAT-MUMBAI)