How are you testing this rule? From which side/IP the traffic is initiated?
If the Threat traffic log shows it as server-to-client flow and src: 184.108.40.206 & dst: 10.191.44.21 then my guess traffic is inititated from 10.191.44.21 to 220.127.116.11, that way this EBL policy will not match. If traffic/session would be initiated from the 184.x.x.x, that the source address would matter when traffic hits Palo Alto (unless something is different for Dynamic Lists as I have not used them). But when you said using simple IP without EBL worked fine, that made me question my assumptions, but still sharing them with you.
Anyway you can try testing if the policy matches through CLI #test security-policy-match ... and try taking a look at #show running security-policy if there are EBL addresses seen within the rule. Additionally check session information by #show session id for that particular session.
What PANOS version are you running on?
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