Meghalaya HC directs Revised Return for Capital Gain Deposit Scheme account Closure

Smt. Sutapa Chakravarty Vs Chief Commissioner of Income Tax (Meghalaya High Court) The Meghalaya High Court heard a petition from Smt. Sutapa Chakravarty, who was seeking a final order to close her Capital Gain Deposit Scheme (CGDS) account. The petitioner’s lawyer, Mr. N. Dasgupta, stated that despite a previous court order from September 6, 2024, the tax authorities had only partially released funds, withholding the remaining amount. The petitioner argued that since the property transaction resulted in a capital loss, no tax liability should apply, and the full amount should be released. I...