Case Law Details
Case Name : Prof. P. N. Shetty Vs ITO (Karnataka High Court)
Related Assessment Year : 2013-14
Courts :
All High Courts Karnataka High Court
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Prof. P. N. Shetty Vs ITO (Karnataka High Court)
If only a part of the amount deposited in the Capital Gains Account Scheme is utilized for the construction or purchase of a new asset within the specified time, income tax is chargeable on the unutilized amount. That is why the learned Single Judge, by the impugned order, has directed that the appellant is entitled for withdrawal of the amount deposited under sub-section (4) of Section 54F of the said Act subject to deduction of tax applicable.
We find no error in the view taken by the learned Single Judge as, on its plain reading, the interpre...
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Can anybody provide the application of withdrawal of money from bank. deposited in capital gain account scheme.