Capital gain account scheme

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2015 who is responsible for withdrawl an excess amt. from CGAS IN CASH in excess of rs. 25000.
assesee or bank
plz refer with case law also
thn in advance !

Amol S Joglekar

Amol S Joglekar (Expert)
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15 January 2015 For withdrawl of amount from Capital Gain Account Scheme, the rules are framed and a FORM is stipulated. If the said form is filled by the assessee and then the payment is made by the BANK in CASH,,,,then the bank is responsible.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2015 do u have any case law regard this bcz i have to reply in income tax deptt. with proof

Amol S Joglekar

Amol S Joglekar (Expert)
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15 January 2015 I do not have case law for the simple reason that the DUTY of withdrawal as per capital gain account scheme is FIXED on Assessing Officer and the Bank.

For every withdrawal, the assessee needs to apply to Assessing Officer, who in turn issues the sanction in favour of the Bank in which the account is maintained.

So the Assessee NEED not prove or cause to produce the proof for the fault of banker or any other.

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