https://www.taxtmi.com/caselaws?id=774835 HC allowed revision petition challenging AO's rejection of nil withholding tax certificate application under Section 195(2). AO had directed 10% tax withholding on share transaction. Court held that AO should only consider proposed transaction value and resulting capital gains, not historical acquisition costs from earlier transactions. Matter remanded to CIT for fresh consideration after petitioner submits updated valuation report by approved valuer within four weeks, determining fair market value as on 31.03.2025 per Rule 11UA requirements. en-us Mon, 07 Jul 2025 00:00:00 +0530 Tue, 15 Jul 2025 08:39:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774835 HC allowed revision petition challenging AO's rejection of nil withholding tax certificate application under Section 195(2). AO had directed 10% tax withholding on share transaction. Court held that AO should only consider proposed transaction value and resulting capital gains, not historical acquisition costs from earlier transactions. Matter remanded to CIT for fresh consideration after petitioner submits updated valuation report by approved valuer within four weeks, determining fair market value as on 31.03.2025 per Rule 11UA requirements. Case-Laws Income Tax Mon, 07 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774835