Dismissing the petition the Court held that ;certificate issued on the basis of tentative re-working of assessee’s accounts formed a prima facie opinion and suggested collection of tax at reduced rate of 1 per cent is justified . Court also held that not considering the projection of losses for reduced rate is help to be proper . ( AY.208-19)
OPJ Trading (P.) Ltd. v. ITO (2018) 259 taxman 36 (Guj) ( HC)
S. 197 : Deduction at source – Certificate for lower rate – Certificate issued on the basis of tentative re-working of assessee’s accounts formed a prima facie opinion and suggested collection of tax at reduced rate of 1 per cent is justified – Not considering the projection of losses for reduced rate is help to be proper .[ S.197(2) ]