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2006 (7) TMI 132 - HC - Income TaxBenefit of exemption under section 54 - petitioners herein have deposited a sum of Rs. 40,22,000 with the first respondent-bank under the Capital Gains Accounts Scheme, 1988, to get the benefit of exemption under section 54 with regard to the sale of their immovable properties. the petitioners have deposited the amount in term deposit – subsequently, petitioners made a request to the first respondent-bank to transfer the funds from their term deposit by opening a savings account - insisted that the petitioners should get approval of the concerned Assessing Officer for such transfer of funds from one account to another. - transfer of the account cannot be equated to the closure of the account even where the entire amount is withdrawn. Hence, the first respondent-bank is not justified in insisting upon clearance from the Assessing Officer as a condition precedent for considering the request of the petitioners for transfer of deposit from account B to account A.
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