TMI Blog2021 (7) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... his regard. What remains is the closure of the account and refund of the amounts to the petitioners. The operation of the account in question is a matter of contract qua the petitioners and R2 and the petitioners are at liberty to give such instructions to R2 as they may wish to, in this regard. Form-G which is to be approved by the assessing authority will have no application in this case since the transaction giving rise to capital gains has not been captured by the Department. In any event, today, R1 does not have any claim towards the amounts in the bank accounts. Thus, the petitioners are at liberty to issue suitable instructions to R2 in regard to their bank accounts and such request, including request for closure of and refund of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 34,00,000/- (Rupees thirty four lakhs only). Part of the sale consideration had been invested in Rural Electrification Bonds in respect of which the petitioners had proposed to claim deduction under Section 54EC. 4. The investment made by them in the bank account has not been utilised in any way thereafter. The fact that the petitioners had sold the asset, filed no returns of income or invested only part consideration in the CGAS, has escaped the attention of the Income Tax Department and no action has been taken to call upon the petitioners to file returns, either original or revised within the timelines stipulated under Statute. 5. On 31.03.2018, the first respondent received an application from the petitioners seeking no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the petitioners are at liberty to give such instructions to R2 as they may wish to, in this regard. Form-G which is to be approved by the assessing authority will have no application in this case since the transaction giving rise to capital gains has not been captured by the Department. In any event, today, R1 does not have any claim towards the amounts in the bank accounts. Thus, the petitioners are at liberty to issue suitable instructions to R2 in regard to their bank accounts and such request, including request for closure of and refund of balances, shall be honoured by R2 in accordance with the terms of the contract governing the parties and without insistence upon Form-G of the CGAS Scheme. 10. These writ petitions are disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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