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        Case ID :
        Income Tax

        The HC set aside the AO's order rejecting the petitioner's...

        HC orders fresh FMV assessment under Section 50CA for withholding tax; AO to reconsider under Rule 11UA

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                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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