TaxTMI 
TaxTMI 
2024 (9) TMI 650
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.... 27.09.2021 passed under Section 147 read with Section 144B of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'). 3. The assessment was completed on 29.08.2016 whereby, the petitioners return of income was accepted. It appears that the aforesaid Impugned Assessment Order was passed after the informations were called for and furnished by the petitioners as detailed below:- 1. Copies of Sale Deed and Settlement Deed of sale of property. Assessee has 1/3rd share of sale. 2. Copies of Fixed Deposit receipts for investment in capital gains account Scheme for Rs. 53,00,000/-. 3. Copies of Statement of account from M/s.Srivari Infrastructure Private Limited for investment in their new project "Ma....
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....n that the assessee had deposited the money in Term Deposits for a period of 1 year which yield 9.5% interest. The assessee has not deposited the amount in the Capital Gains Account Scheme, 1988 notified by the Central Government for claiming deduction u/s 54F of the IT Act. The deduction of Rs. 53,00,000/- u/s 54F made by the assessee while computing income under Capital Gains is void since the assessee failed to deposit the amount in the Capital Gains Account Scheme, 1988 notified by the Central Government. An amount of Rs. 53,00,000/- chargeable to tax under Income Tax Act in case of the assessee for the previous year 2013-14 relevant to the AY 2014-15 has therefore escaped taxation under the Income Tax Act." 5. The petitione....
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....income of the assessee is computed as below:- Total Income as assessed 6,00,900 Add : Capital Gain as explained above 1,60,00,000 Total Income 1,66,00,900 Show cause incorporating the above facts in the form of draft assessment order was issued and reply received. The assessee has contended that while calculating cost of acquisition, cost to previous owner is rightly claimed as the property was gifted to him by his father. Also the cost in new property is rightly claimed as deduction as the investment in new property is more than the cost of capital gain deduction claimed. The contention of assessee is accepted. However the claim of the assessee of deposit of Rs. 53,00,000/- in Term Deposit covered by Capital Gain....
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....apital Gain Accounts Scheme when such details was specifically called for from the Syndicate Bank and Canara Bank. The assessee admitted that such account was closed and payment made to the developer towards purchase of new property. The assessee was asked if the account was closed after approval from the Income Tax Authority, he expressed his ignorance over such fact. Closure of accounts under Capital Gain Accounts Scheme requires approval from the jurisdictional Assessing Officer. Form G is required to be submitted for the closure of account along with jurisdictional Assessing Officer approval. The assessee has no knowledge of such procedure and approval taken which clearly proves that the assessee had deposited Rs. 53,00,000/- in Term De....
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....7 Less Deduction u/s 54 10000000 5327037 Long Term Capital Gain 27037 5354074 Income From Other Sources 568073 Total Income 5939694 Rounded off 5939690 This order is being passed u/s 143(3) read with Section 263 read with Section 144B and NeAC (National e-Assessment Centre) is to be read as NaFAC (National Faceless Assessment Centre). Charge interest u/s. 234A, 234B, 234C and 234D of the IT Act, 1961. Given credit for pre-paid taxes, if any, after due verification. Issued Demand Notice and Challan accordingly. Penalty proceedings u/s. 271(1)(c) of the Income-tax Act, 1961 initiated separately." 6. In support of the present w....
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....02.04.2014 Rs. 10,00,000/- 61224920000011/3 5. 02.04.2014 Rs. 10,00,000/- 61224920000011/4 6. 02.04.2014 Rs. 5,00,000/- 61224920000011/5 7. 02.04.2014 Rs. 5,00,000/- 61224920000011/6 10. Learned Senior Standing Counsel for the respondents on the other hand would draw attention to Paragraph 7 of the Counter Affidavit wherein, it has been stated as follows:- "7. It is submitted that providing the information collected through Notice u/s 133(6) from various agencies to the petitioner is not binding for the assessing officer. Therefore, the submission of the petitioner that 'I have not given the copy of the details sought from the bankers to the Notice u/s 133(6) and completed the assess....