1) Assessee filed an application under section 197 before AO to receive dividend income from an Indian company subject to lower withholding tax rate of 5% as per India-Switzerland DTAA read with protocol and MFN clause.
2) Same was rejected and a certificate was issued at rate of 10%.
3) On write petition by the Assessee with Delhi HC, it was held that the issues raised in the present writ petition are no longer res integra, as they are fully covered by the judgments of this Court in Concentrix Services Netherlands B. V. as well as in Nestle SA.
4) In Concentrix Services Netherlands B.V. it has been held that no separate notification is required insofar as the applicability of the protocol is concerned and the same forms an integral part of the Convention.
5) Accordingly, the dividend received by the Assessee will bear a lower withholding tax rate of 5% per cent instead of 10% in view of MFN clause and DTAA between India and Switzerland.