$~72 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 17.02.2026 + W.P.(C) 17674/2025 & CM APPL. 73006/2025 REFINITIV US LLC .....Petitioner Through: Mr. Ajay Vohra, Sr. Adv. with Dr.

Shashwat Bajpai and Mr. Mayank Chaturvedi, Advs.

versus THE INCOME TAX OFFICER CIRCLE INT. TAX 1(3)(1) NEW DELHI .....Respondent Through: Mr. Sunil Agarwal, SSC, Ms. Monica Benjamin and Mr. Gibran Naushad, JSCs and Mr. Rohit Chakraborty, Adv.

CORAM:

HON'BLE MR. JUSTICE DINESH MEHTA HON'BLE MR. JUSTICE VINOD KUMAR

JUDGMENT

DINESH MEHTA, J. (ORAL)

1. By way of the present writ petition, the petitioner has challenged the impugned order dated 22.07.2025 and corresponding certificate dated 11.07.2025 issued to the petitioner under Section 197 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act of 1961’) subject to withholding tax at rate of 15%.

2. As pleaded, the petitioner is a non-resident company incorporated under the laws of United States of America. The petitioner provides a wide range of products including foreign exchange related Matching solutions, real-time financial data, etc. The petitioner also provides a number of support services to its group companies.

3. A brief summary of the above products and offerings of the company are given below:

a) Matching solutions: The company provides global market electronic solution for trading foreign exchange spot & forward swap contracts.

b) Support services: Along with Matching solutions as discussed in the above para, the company also provides services related to maintenance and enhancements to the solutions.

4. For providing the above products and offerings in India, the petitioner has entered into a distribution & outsourcing agreement with Refinitiv India Transaction Services Private Limited (‘RITSPL’) on a principal-to-principal basis. For distribution of the products, RITSPL pays the consideration/ purchase price to the petitioner-company in accordance with the distribution agreement and for the maintenance and enhancement of the product, RITSPL pays service fees to the petitioner-

company.

5. As per the petitioner, both the services namely Matching solutions and Support services provided by the petitioner covered by two of its agreements i.e. Distribution agreement dated 01.10.2021 and Outsourcing agreement dated 01.04.2020 do not fall within the ambit of FIS (fee for included services) under Article 12(4) of the India-US Double Taxation Avoidance Agreement (DTAA) and tax under the Act of 1961 is not payable. Hence, the petitioner applied for certificate at NIL rate by way of its application dated 08.05.2025. The said application has been partly allowed by the respondent.

6. Mr. Ajay Vohra, learned Senior counsel for the petitioner submitted that so far as the first agreement is concerned, it is almost identical on facts and law to the case of Financial And Risk Organisation Limited v. The Income Tax Officer Int. Tax 1(3)(1) New Delhi, W.P.(C) 17641/2025 which was decided vide order dated 10.02.2026, wherein this Court directed the competent authority to issue a certificate at NIL rate, as the issue was covered in favour of the assessee by way of at least two judgments of the Income Tax Appellate Tribunal (hereinafter referred to as ‘the Tribunal’).

7. He further submitted that even the services covered by the second agreement, being Support services are not taxable in India under any of the relevant provision, but ignoring such legal position, the competent authority has passed the impugned order and issued a certificate at 15% instead of the petitioner’s prayer for NIL rate.

8. He submitted that the impugned order is clearly contrary to facts and law and the reasons assigned therein are not sustainable.

9. Mr. Sunil Agrawal, learned Senior Standing Counsel was not in a position to dispute petitioner’s contention so far as the first agreement relating to providing Matching solutions is concerned. He however, made various submissions, when it comes to the second agreement of Suppor