Assessee was a non-resident banking company incorporated in U.S.A. During year, said Indian branch of assessee paid certain amount of interest to its Head office and overseas branches. Commissioner invoked jurisdiction under section 263 on grounds that interest paid to Head Office and overseas branches were taxable in India as per provisions of India-USA Double Taxation Avoidance Agreement (DTAA) as business profits through its Permanent Establishment (PE) i.e., Indian branch. On appeal the Tribunal held that explanation to section 9(1)(v)(c) inserted by Finance Act, 2015, with effect from 1-4-2016 which clarified that interest paid by an Indian branch of a non-resident banking company would be deemed to be accruing or arising in India and would be chargeable to tax in addition to any income attributable to PE in India, would apply from assessment year 2016-17 onwards. Accordingly during relevant assessment year, interest paid by Indian branch of assessee to its Head Office and overseas branches being a payment to self would be governed by principle of mutuality and, therefore, same could not be brought to tax by relying upon provision of section 9(1)(v)(c). Accordingly the revision order was quashed. AY. 2011-12, 2012-13)