2021 (7) TMI 473

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....E MANMOHAN AND HON'BLE MR. JUSTICE NAVIN CHAWLA Petitioner Through: Mr.Rajat Mittal, Advocate. Respondent Through: Mr.Sunil Aggarwal, Advocate. J U D G M E N T MANMOHAN, J: (Oral) 1. The petitions have been heard by way of video conferencing. 2. Present writ petitions have been filed challenging the order dated 18th June, 2021 passed by respondent no-2, DCIT, TDS Circle 74(1)....

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....also states that though the petitioners' were deducting TDS at the rate of 0.5% in the FY 2020-21, yet by virtue of the impugned order they would have to deduct TDS at the notified rate of 10%. 4. He points out that the applications of the petitioners were rejected solely for the reason that the petitioners have not submitted the rate at which it borrows funds from the market which is then lent....

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....formation supplied by the petitioners were erroneous and incorrect. 7. Moreover, this Court in a number of judgments has held that the Assessing Officer cannot ignore the mandate of Rule 28AA and proceed on any other basis as the Government is bound to follow the rules and standards they themselves had set on pain of their action being invalidated (See: Bently Nevada LLC vs. Income Tax Officer,....