TMI Blog2022 (1) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... uired 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s already paid the advance tax to the tune of ₹ 1.25 crores, which is more than the amount of Capital Gain tax that may be required to pay. 2. The petitioner, being one fourth owner of the parcel of the land sold in December, 2018, has gained ₹ 4.75 crores from the sale of the land. For claiming exemption under section 54F of the Income Tax Act, 1961 ( the Act for short), the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion, hearing and final disposal of this petition, to stay implementation and operation of the order at Annexure- A to this petition and stay recovery of tax for A.Y.2018-19 and further be pleased to direct the Respondent to issue No Objection Certificate to the Petitioner; (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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