Article 21 - Termination - Greece

ARTICLE 21 TERMINATION This Agreement shall continue in effect indefinitely but either of the Contracting Parties may on or before the 30th day of June in any calendar year after 1965 give to the other Contracting Party notice of termination, and in such event this Agreement shall cease to be effective (a) in India, for any year of assessment beginning on or after the 1st April in the calendar year next following such written notice of termination. (b) in Greece, for any fiscal year beginning on or after the 1st January next following such written notice of termination. IN WITNESS whereof, the undersigned duly authorised thereto have signed this Agreement and have affixed thereto their seals. DONE at New Delhi on the 11th day of February, 1965, in duplicate in the English languag Judicial analysis n Where assessee-company, carrying on shipping business, entered into an agreement with HLL, a Greek company, and according to agreement, entire affairs of assessee-company were to be managed by HLL as their agents, assessee-company had to be treated as resident in Greece in terms of article II(I)(i) of Agreement for Avoidance of Double Taxation between India and Greece and was entitled to deduction of 50 per cent of tax charged in India in respect of its shipping businessUniversal Cargo Carriers Inc. v. CIT [1993] 70 Taxman 515/[1994] 205 ITR 215 (Cal.). n Where remedy of claiming refund under sub-section (7) of section 172 was barred on account of expiry of time limit, claim for relief of tax provided under clause (1) of article VI of Agreement between Government of India and Government of Greece for avoidance of double taxation of income was not entertainableAzolla Shipping Co. Ltd. v. ITO [1986] 15 ITD 438 (Bom. - Trib.).