Dividend income from Malaysia Company is exempt in India as per India-Malaysia DTAA

Yashank P. Adhiyaru, Sr. Adv., Ms. Swarupama Chaturvedi, Ms. Sadhana Sandhu and Mrs. Anil Katiyar, Advs. for the Appellant. Syed Shahid Hussain Rizvi and N.A. Usmani, Advs. for the Respondent.

ORDER

1. The present appeal arises out of impugned order dated 28th March, 2006 passed by the High Court of Madhya Pradesh at Indore wherein the High Court has held that the dividend income received by the assessee from a foreign country was exempted from taxation, in view of the provisions of the Double Taxation Avoidance Agreement between Government of India and Government of the foreign country.

2. Mr. Yashank P.Adhiyaru, learned senior counsel appearing for the appellant submitted that this issue has been decided against the Revenue by this Court in Civil Appeal No. 4485 of 2007 in the case of Dy. CIT v. Torqouise Investment & Finance Ltd. [2008] 300 ITR 1 (SC).

3. Respectfully following the aforesaid decision, the judgment and order of the High Court is upheld. The appeal fails and is dismissed.

4. There shall be no order as to costs.

5. Pending application, if any, also stands disposed of.