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Income Tax - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Refund the monies lying in the Capital Gains Account Scheme ...

Income Tax

July 9, 2021

Refund the monies lying in the Capital Gains Account Scheme (CGAS) with the bank along with interest at prevailing rates - 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. - HC

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