Amount received in the nature of interest is taxable @15% under Article 12 of India-UK DTAA

Karnail Singh Vs ADIT (ITAT Chandigarh)

ITAT Chandigarh held that the amount of monthly assured return received till the time of possession of units is in nature of interest is taxable @15% under Article 12 of India-UK DTAA

Facts- The assessee is a non-resident and during the financial year relevant to the impugned Assessment Year the assessee has booked certain units in M/s Omaxe Ltd. Novelty Mall, Amritsar. The assessee has made payment of 95% of the basic sale price at

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