2022 (7) TMI 1094

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....ay, 2022 passed by Respondent No. 1 rejecting the application filed by the Petitioner under Section 197 of the Income Tax Act, 1961 ['the Act'] for Assessment Year 2022-23. Petitioner also seeks directions to the Respondents to grant a withholding certificate at a lower rate for the Financial Year 2022-23 and to decide the refund applications filed by the Petitioner for the Assessment Years 2008-09 to 2014-15 and 2016-17 to 2018-19 in a time bound manner. 2. Learned counsel for the Petitioner states that the Petitioner company is engaged in the business of real estate consultancy and advisory services, brokerage, project management, design and construction of office interiors, integrated facility management and shared service office serv....

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....n an unforeseen situation where the Petitioner is forced to bear the brunt of Department's laxity and casual attitude. 4. Learned counsel for the Petitioner states that since 2019, the Petitioner has addressed multiple reminders and representations to the authorities seeking disposal of the rectification applications filed by the Petitioner. He, however, sates that the same are still pending. He states that the Department is trying to take benefit of its own laches and if correct effect is given to the pending application, huge refunds shall be due and payable to the Petitioner. 5. Having heard the learned counsel for the parties and having perused the paper book, this Court finds that the Petitioner's application seeking withholding ....

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....4A and 194J, even if, the LTDC is approved at average tax to turnover ratio rate i.e. 2.14%, the tax foregone shall be Rs 143,25,84,969/-. It is be mentioned here that PAN demand of Rs 322,33,71,079/- is substantially higher than the tax foregone even if the LTDC is issued at the average tax to turnover ratio rate i.e 2.14%. After due consideration of these facts, the request for LTDC is rejected in order to protect the interest of the revenue. Further, assessee is at the liberty to re-apply for LTDC for FY 2022-23 after the aforementioned rectification orders are passed and the same shall be considered on merits." 6. Accordingly, this Court set asides the impugned order dated 16th May, 2022 and directs the Respondent N....