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TMI Blog2024 (9) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Accordingly, it is directed that on production by the petitioner before the respondent authorities of all materials necessary to be taken into consideration on the application for closure of CGDS account, the respondents, shall thereafter within a period of four weeks thereof, decide on the matter and pass final orders. The commencement of the said proceedings however will be intimated to the petitioner by the concerned respondent within a period of three weeks from today. - HON BLE MR. JUSTICE H.S. THANGKHIEW, CHIEF JUSTICE (ACTING) AND HON BLE MR. JUSTICE B. BHATTACHARJEE, JUDGE For the Petitioner : Mr. N. Dasgupta, Adv with Mrs. A. Synrem, Adv For the Respondents : Mr. S. Pandey, Adv ORAL: The instant writ petition, which is the se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Valuer s Report and Chartered Accountant s Report (ANNEXURE-5 6) showing capital loss in the sale of ancestral property, submitted to the Department shall not be accepted and the amount of Rs. 1,36,62,000.00 (Rupees one crore thirty six lakh and sixty two thousand) lying in the SBI A/c No. 37030629542 and CGDS Term Deposit A/c No. 37062902436, shall not be ordered to be released within a time frame as may be decided by this Hon ble Court. 2. During the last hearing, it was pointed out that the impugned order dated 07.03.2024 was passed without affording an opportunity of hearing to the petitioner. The respondents took time to ascertain the same but however, submitted that the petitioner did not avail the opportunity of being heard. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 07.03.2024 without addressing the objection and concern for closure of the CGDS account. It is also pertinent to note herein that the CGDS account was created due to the sale of ancestral property of the petitioner with an intention to buy a new property in terms of Section 54 of the Income-Tax Act, 1961, without computation of Capital Gains or Loss Capital in order to avail the benefit of exemption provided under the said Section. 4. It is submitted by Mr. N. Dasgupta, learned counsel for the petitioner that the closure request of the CGDS account has been kept pending since 2019 but despite all efforts, the petitioner could not get the issue resolved by the Assessing Officer. It is further submitted that due to non-receipt of approva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Capital Gains in her returns and the computation of long term Capital Loss was filed much after the due date of filing returns. He also further submits that the allegation that without closure of CGDS account, the transfer of income tax jurisdiction cannot be effected is incorrect as the transfer of jurisdiction is being done as per the provisions of the Income-Tax Act. 6. On these submissions, Mr. N. Dasgupta, learned counsel for the petitioner then submits that the petitioner will not resist the transfer of jurisdiction to Kolkata but prays that the closure of the CGDS account notwithstanding jurisdiction, be completed within a time frame. 7. Having heard learned counsel for the parties and as it appears from the submission of Mr. N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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