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2022 (1) TMI 610 - HC - Income TaxExemption u/s 54F - Refusal to issue No Objection Certificate for enabling the petitioner / assessee to withdraw amount from Capital Gains Accounts - Petitioner has already paid the advance tax which is more than the amount of Capital Gain tax that may be required to pay - HELD THAT:- As petitioner as drawn our attention to the indemnity bond, the petitioner has furnished in favour of the Assistant Commissioner of Income Tax on 23.10.2021 - tax which the petitioner is required to pay on a regular basis is not more than ₹ 58 lakhs and the payment of the said amount towards Capital Gain Tax should not be doubted and there is nothing under the law to preclude the Assessing Officer to allow the remaining amount , which has remained with the Department, as the petitioner is no longer going to claim the benefit under the provisions of Capital Gain Scheme Accounts - as relying on the decision of Padma Swaminathan [2017 (3) TMI 1878 - MADRAS HIGH COURT] Notice for final disposal returnable on 30.11.2021.
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