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TMI Blog2024 (9) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... n but also without considering the Certificate issued by the Canara Bank - HELD THAT:- As petitioners are entitled to a notice before an adverse conclusion was arrived in Paragraph 3 of the Impugned Assessment Order that the Certificate did not mention Capital Gains Account. This ought to have been informed to the petitioners before an adverse order was passed against the petitioners. Under these circumstances, this Court is inclined to set aside the Impugned Assessment Order and remits the case back to the first respondent to pass appropriate orders on merits in accordance with law as expeditiously as possible preferably within a period of six months from the date of receipt of a copy of this order. - Honourable Mr. Justice C. Saravanan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was issued. The purported reason for reopening the assessment are as under:- The assessee, Shri Pahilajrai Lund had sold a land vide document No.2159/2013 dated 08.08.2013 for a consideration of Rs. 4,80,00,000/- out of which the share of the assessee was 1/3rd. The property was acquired by way of a settlement deed executed by his father on 25.05.1984 in favour of the assessee and his two brothers. While computing the income under the head Capital Gain in the return of income filed for the AY 2014-15, the assessee had taken the cost of land @ Rs. 2,15,000/- whereas as per the Settlement Deed submitted during the assessment proceedings, the market value of the property was Rs. 2,23,880/-. The assessee had claimed a deduction of Rs. 53,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital Gain Accounts while there were debits in the bank statement as under: 02-APR-14 61224920000011-TD PAYIN CASA XFER 1,000,000.00 02-APR-14 61224920000011-TD PAYIN CASA XFER 1,000,000.00 02-APR-14 61224920000011-TD PAYIN CASA XFER 1,000,000.00 02-APR-14 61224920000011-TD PAYIN CASA XFER 1,000,000.00 02-APR-14 61224920000011-TD PAYIN CASA XFER 5,00,000.00 02-APR-14 61224920000011-TD PAYIN CASA XFER 5,00,000.00 23-JUL-14 61224920000011-TD PAYIN CASA XFER 3,00,000.00 The debits were transferred to Term Deposit towards Current/Savings transfer and not Capital Gain Account Scheme. In view of the above, the deduction claimed Rs. 53,00,000/- is disallowed. In view of the above, the deduction of Rs. 1,60,00,000/- is disallowed and the entire amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation from the bank on the such deposit made, the authenticity of the certificate from the bank submitted by the assessee remains doubtful. In view of the same, the contention of the assessee cannot be accepted. The assessee had requested for personal hearing through video conferencing in the reply to the show cause. However, the option was not exercised through the e-filing portal. Therefore, the assessee was intimated to initiate the request through the e-filing portal VC was conducted. The assessee representative had nothing new to explain and maintained the stand that the amount of Rs. 53,00,000/- was deposited in Term Deposit under the Capital Gain Account Scheme. It was again put before the assessee that the Bank has not given any d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 133(6) also submitted only statement of savings account. Therefore, the Term Deposits made in Capital Gains Account Scheme, 1988 notified by the Central Government for claiming deduction u/s 54F of the IT Act, 1961 remains unverified. The deduction of Rs. 53,00,000/- claimed u/s 54 is disallowed as 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, 1961. Subject to the above remarks, the total income of the assessee is computed as below:- Income from Business/Profession 17547 Income from Capital Gain Sales Consideration 16000000 Less: Cost of Acquisition 672963 15327037 Less Deduction u/s 54 10000000 5327037 Long Term Capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Canara Bank on 19.02.2021. 9. Learned counsel for the petitioners has also drawn attention to the Certificate dated 19.02.2021 issued by the Canara Bank for the aforesaid sum of Rs. 53,00,000/- which was deposited in Syndicate Bank and invested in Capital Gains Account Scheme on various dates as detailed below:- Sl. No. Account Opening Date Amount Account No. 1. 23.07.2014 Rs. 3,00,000/- 61224920000011 2. 02.04.2014 Rs. 10,00,000/- 61224920000011/1 3. 02.04.2014 Rs. 10,00,000/- 61224920000011/2 4. 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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