The Supreme Court of India delivered a ruling dated 20 February 2008 in the case of CIT v. Torquoise Investment and Finance Ltd. on whether the provisions of tax treaties signed by India take precedence over the provisions of Indian domestic tax law, i.e. Income Tax Act 1961 (ITA). (a) Facts. The Taxpayer (i.e. Turquoise Investment & Finance Ltd.) is an Indian investment company. It filed its income tax return for the assessment year 1992-93 and claimed a refund on the basis of a deemed credit for tax withheld on the dividend that the taxpayer received from a Malaysian company....