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of <h1>Court Directs Timely Decision on Income Tax Application under Section 264 - Emphasizes Reasoned Order</h1> <h3>Perfetti Van Melle Holding BV Versus Commissioner Of Income Tax II</h3> Perfetti Van Melle Holding BV Versus Commissioner Of Income Tax II - TMI Issues:1. Application seeking directions for disposal of an application under Section 264 of the Income Tax Act, 1961.2. Interpretation of Most Favoured Nation (MFN) clause in the India-Netherlands Double Taxation Avoidance Agreement (DTAA).3. Rejection of application for lower withholding tax rate on dividend income.4. Delay in deciding the application under Section 264 of the Act.Analysis:The petitioner, a company incorporated in the Netherlands, sought directions for the disposal of an application under Section 264 of the Income Tax Act, 1961, related to receiving dividend income subject to a lower withholding tax rate. The petitioner holds shares in an Indian company and applied for a lower tax rate based on the MFN clause in the India-Netherlands DTAA. The petitioner's application for a 5% tax rate was rejected by the Assessing Officer, citing that certain countries were not OECD members when the treaty was signed. The petitioner approached the court, emphasizing the decision in Concentrix Services Netherlands B.V. v. ITO (TDS) and Nestle SA v. Assessing Officer, where similar issues were decided in favor of the petitioners.The court directed the respondent to decide the petitioner's application under Section 264 of the Act within eight weeks, emphasizing a reasoned order in accordance with the law. The court acknowledged the limited prayer made by the petitioner and disposed of the writ petition with the specified direction for timely resolution. The respondent accepted the notice and had no objection to the direction for a time-bound disposal of the application. The court's decision aimed to ensure a fair and prompt resolution of the petitioner's request, considering the legal provisions and precedents cited during the proceedings.
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