The Assessing Officer denied treaty benefits on the ground that the assessee, being a Delaware Limited Liability Company, was a fiscally transparent entity. The Tribunal held that “liable to tax” denotes the legal liability to taxation and not actual payment of tax. Accordingly, the assessee was entitled to the benefits of the India-USA Double Taxation Avoidance Agreement. (AY. 2016-17 to 2019-20 & 2021-22).