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The HC set aside the AO's order rejecting the petitioner's application for a nil withholding tax certificate under section 195(2) and remanded the matter to the CIT for fresh consideration. The court held that the AO must assess the fair market value (FMV) of the shares as of 31.03.2025 to determine potential capital gains under section 50CA. The historical acquisition cost was deemed irrelevant for the current transaction. The petitioner was directed to submit a fresh valuation report by an approved valuer within four weeks. The CIT is to evaluate the application based on this updated FMV, ensuring compliance with Rule 11UA. The decision clarifies that withholding tax determination depends on the current FMV at the time of sale, not prior acquisition values.
The HC set aside the AO's order rejecting the petitioner's application for a nil withholding tax certificate under section 195(2) and remanded the matter to the CIT for fresh consideration. The court held that the AO must assess the fair market value (FMV) of the shares as of 31.03.2025 to determine potential capital gains under section 50CA. The historical acquisition cost was deemed irrelevant for the current transaction. The petitioner was directed to submit a fresh valuation report by an approved valuer within four weeks. The CIT is to evaluate the application based on this updated FMV, ensuring compliance with Rule 11UA. The decision clarifies that withholding tax determination depends on the current FMV at the time of sale, not prior acquisition values.
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