2018 (2) TMI 184

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....s 234A, 234B & 234C read with 119(2) (a) and Section 220(2A) of the Income Tax Act, 1961 (hereinafter, referred to as 'the Act'). 3. The petitioner's case is that, they had mortgaged a property to secure the loan transactions availed by their sister concern. On account of the default committed, the property mortgaged by the petitioner was proceeded against and sold, and the sale proceed was appropriated towards the discharge of the loan availed by the sister concern. 4. The question that falls for consideration in this Writ Petition, is as to whether the petitioner is liable for capital gains. 5. The petitioner sought for waiver of interest before the respondent, by relying upon the decisions of i) Hon'ble Kerala High Cou....

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....o the notice of petitioner/assessee that the Authority has proceeded on the basis that the Appeal related only to quantification of capital gains on sale of agricultural lands and not the claim that, it was not liable to capital gains, in view of the entire sale proceeds being appropriated by the Bankers towards their dues. 9. Thus, according to the petitioner/assessee, there was a mistake apparent from the record, and therefore, the petitioner has requested for rectifying the mistake crept in the impugned order, by filing a Petition, dated 07.04.2007 under Section 154 of the Act, which is said to have been filed through the petitioner's authorized representative on 08.04.2007. Therefore, it is submitted that the petitioner should be p....