2021 (10) TMI 178

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.... Prashant Meharchandani, Mr. Nitin Agarwal, Mr. Arun Bhaduria and Mr. Divyansh Singh, Advocates.   Respondents Through Mr. Sunil Kumar Agarwal, Advocate. MANMOHAN, J. (Oral) 1. Present writ petition has been filed challenging the order dated 31st March 2021 for Assessment Year 2018-19 passed under Section 264 of the Income Tax Act, 1961. Petitioner also seeks directions to Respondent No.2 ....

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.... follow the binding decision of the jurisdictional ITAT Delhi in Giesecke & Devrient (India) Pvt. Ltd. v. Addl CIT (ITA 7075/Del/2017) which squarely covers the issue, even after carrying out a detailed enquiry on the Petitioner's claim and despite accepting that the said decision squarely covers the issue raised by the Petitioner. He states that the Respondent has decided not to follow a binding ....

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....e by the Company distributing the dividends, and subsequently the dividends received by shareholders post payment of Dividend Distribution Tax by the Company was statutorily exempted from tax under Section 10 of the Act. He states that this scheme of Dividend Distribution Tax has been construed by Hon'ble Supreme Court in the case of Godrej & Boyce Manufacturing Co.Ltd. v. DCIT [(2017) 394 ITR 449....

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....ereinbelow:- "7. I find that the submissions of the assessee in the present petition substantially draw from and are based on the discussion in the aforesaid order of ITAT in the case of M/s Giesecke & Devrient [India] Pvt. vs. Addl. CIT, Special Range-04, New Delhi [ITA No.7075/DEL/2017]. However, I note that this judgment was delivered on 13.10.2020 and the Income Tax Department still has time....