- (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. Commr. of Income Tax, Ujjain v. M/s. Torqouise Investment and Finance Ltd. reported in 2008 Vol. 300 ITR 1.
(3.) Respectfully following the aforesaid decision, the judgment and order of the High Court is upheld. The appeal fails and is dismissed.;