Recently, Kolkata Tribunal in case of Koninklijke Philips NV held that interest on income-tax refund to the Netherlands based company was not taxable in India by application of beneficial provisions of India-Italy Tax Treaty pursuant to Most Favoured Nation clause in India-Netherlands Tax Treaty.

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The Hon’ble Kolkata Tribunal in case of Koninklijke Philips NV held that interest on income-tax refund to the Netherlands based company was not taxable in India by application of beneficial provisions of India-Italy Tax Treaty pursuant to Most Favoured Nation clause in India-Netherlands Tax Treaty.