RASHESH SHIRISH SANJANWALA V. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 4(1)(4)

SCA/17328/2021

AI Insights

The case revolves around Rashesh Shirish Sanjanwala, who, along with three co-owners, sold a land parcel and gained Rs. 4.75 Crores. To claim exemption under Section 54F of the Income Tax Act, 1961, he deposited Rs. 4.67 Crores in a Capital Gains Scheme Account. The petitioner sought a 'No Objection Certificate' from the Assistant Commissioner of Income Tax to withdraw the remaining amount for purchasing another land, as he could not find a viable opportunity to invest in a residential house within the stipulated time. The Assistant Commissioner rejected the request, leading to this petition. The court, after considering the submissions and relevant precedents, ruled in favor of the petitioner, allowing the withdrawal of the remaining amount from the account.

• Counselvise Citation: [2021] 140 COUNSELVISE.COM (IT) 768956 (HC-GUJARAT)
• Appeal Type: Others
• Pronouncement Date: 01-12-2021
• Assessment Year: misc
• Other Referred Cases: Padma Swaminathan vs. Income Tax Officer, Non-Corporate Ward-15(4), Chennai, Professor P.N. Shetty vs. Office of Income-tax Officer, Karnataka
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: DS AFF NOT FILED N 11
• Assessee Lawyers: SOPARKAR
• Keywords: Advance tax; Capital Gain Tax; No objection certificate; Capital Gains Scheme Accounts
• Section: 143(1); 54F; 139; 45

Judgement Text

"C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/SPECIAL CIVIL APPLICATION NO. 17328 of 2021 FOR APPROVAL AND SIGNATURE: HONOURABLE MS. JUSTICE SONIA GOKANI and HONOURABLE MS. JUSTICE NISHA M. THAKORE ========================================================== 1 Whether Reporters of Local Papers may be allowed to see the judgment ? YES 2 To be referred to the Reporter or not ? YES 3 Whether their Lordships wish to see the fair copy of the judgment ? NO 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India or any order made thereunder ? NO ========================================================== RASHESH SHIRISH SANJANWALA Versus ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 4(1)(4) ========================================================== Appearance: LD.SR.ADV.MR.SOPARKAR ASSISTED BY MR B S SOPARKAR(6851) for the Petitioner(s) No. 1 DS AFF.NOT FILED (N)(11) for the Respondent(s) No. 1 NOTICE NOT RECD BACK(3) for the Respondent(s) No. 1 ========================================================== CORAM: HONOURABLE MS. JUSTICE SONIA GOKANI and HONOURABLE MS. JUSTICE NISHA M. THAKORE Date : 01/12/2021 ORAL JUDGMENT (PER : HONOURABLE MS. JUSTICE SONIA GOKANI) Page 1 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 1 . T h i s C o u r t a t t h e t i m e o f i s s u a n c e o f n o t i c e f o r f i n a l d i s p o s a l p a s s e d t h e f o l l o w i n g o r d e r o n 2 3 . 1 1 . 2 0 2 1 : “1. Petitioner challenges the order dated 28.10.2021 passed by the respondent rejecting the request of issuance of no objection certificate to the petitioner, who has already paid the advance tax to the tune of Rs.1.25 crores, which is more than the amount of Capital Gain tax that may be required to pay. 2. The petitioner, being one fourth owner of the parcel of the land sold in December, 2018, has gained Rs.4.75 crores from the sale of the land. For claiming exemption under section 54F of the Income Tax Act, 1961 (“the Act” for short), the amount has been deposited with the Bank of India in terms of Capital Gains Scheme Accounts, 1988. The disclosure of the said sale of parcel of land in the return of income of AY 2019-20 reveals that the claim of deduction under section 54F at Rs.4.65 crores in Nil while computing the taxable Capital Gain. 3. Prayer sought for are as follows: “7. The Petitioner, therefore, prays that this Hon’ble Court be pleased to issue a writ of mandamus or a writ in the nature of mandamus or a writ of certiorari or a writ in the nature of Page 2 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 certiorari or any other appropriate writ, direction or order and be pleased to: (a) quash and set aside the impugned order at Annexure-’A’ to this Petition and direct the Respondent to issue ‘No Objection Certificate’ to the petitioner; (b) pending the admission, hearing and final disposal of this petition, to stay implementation and operation of the order at Annexure-’A’ to this petition and stay recovery of tax for A.Y.2018-19 and further be pleased to direct the Respondent to issue ‘No Objection Certificate’ to the Petitioner; (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for the cost of this petition.” 4. We have heard Mr. B.S. Soparkar, learned advocate for the petitioner. He also has drawn our attention to the indemnity bond, the petitioner has furnished in favour of the Assistant Commissioner of Income Tax on 23.10.2021. He has further urged that the tax which the petitioner is required to pay on a regular basis is not more than Rs.58 lakhs and the payment of the said amount towards Capital Gain Tax should not be doubted and there is nothing under the law to preclude the Assessing Officer to allow the Page 3 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 remaining amount, which has remained with the Department, as the petitioner is no longer going to claim the benefit under the provisions of Capital Gain Scheme Accounts. He has relied on the decision of the Karnataka High Court rendered in the case of Padma Swaminathan vs. Income Tax Officer, Non-Corporate Ward-15(4), Chennai, [2017] 88 taxmann.com 596(Madras). 5. Notice for final disposal returnable on 30.11.2021. 6. Over and above the regular mode, direct service by way of Speed Post is also permitted.” 2 . O n t h e r e t u r n a b l e d a t e , l e a r n e d s e n i o r s t a n d i n g c o u n s e l , M s . M a i t h i l i M e h t a a p p e a r e d f o r t h e d e p a r t m e n t a n d s h e r e s i s t e d t h i s p e t i t i o n . 3 . W e h a v e t a k e n u p t h e m a t t e r f o r f i n a l h e a r i n g a t t h e s t a g e o f a d m i s s i o n a n d h a v e h e a r d t h e l e a r n e d s e n i o r a d v o c a t e , M r . S o p a r k a r a s s i s t e d b y t h e l e a r n e d a d v o c a t e , M r . B a n d i s h S o p a r k a r f o r t h e Page 4 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 p e t i t i o n e r a n d l e a r n e d s e n i o r s t a n d i n g c o u n s e l , M s . M a i t h i l i M e h t a . W e h a d r e q u e s t e d l e a r n e d s e n i o r a d v o c a t e , M r . B h a t t t o a s s i s t t h e c a u s e a n d h e h a s a l s o i n s u p p o r t o f t h e s u b m i s s i o n s m a d e b y t h e l e a r n e d s e n i o r s t a n d i n g c o u n s e l , M s . M a i t h i l i M e h t a h a s a r g u e d b e f o r e t h i s C o u r t . 4 . B r i e f f a c t s l e a d i n g t o t h e p r e s e n t p e t i t i o n a r e a s f o l l o w : 4 . 1 T h e p e t i t i o n e r i s a n i n d i v i d u a l a n d a c i t i z e n o f t h i s c o u n t r y . H e i s a l s o p r a c t i c i n g a d v o c a t e b e f o r e t h i s C o u r t , w h o h a s b e e n o n a r e g u l a r b a s i s f i l i n g t h e r e t u r n a n d p a y i n g t h e i n c o m e t a x . H i s r e t u r n u p t o t h e F i n a n c i a l Y e a r 2 0 1 9 - 2 0 2 0 h a v e b e e n a s s e s s e d i n t e r m s o f S e c t i o n Page 5 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 1 4 3 ( 1 ) o f t h e I n c o m e T a x A c t , 1 9 6 1 ( ‘ t h e A c t ’ h e r e i n a f t e r ) . A c c o r d i n g t o t h e p e t i t i o n e r , t h e r e h a s b e e n n o d e f a u l t s o f a r o n h i s p a r t . 4 . 2 O n 2 4 . 1 2 . 2 0 1 8 h e a l o n g w i t h t h r e e o t h e r c o - o w n e r s o f a l a n d p a r c e l s o l d t h e l a n d f o r t h e t o t a l c o n s i d e r a t i o n o f R s . 1 9 C r o r e a n d h e b e i n g 1 / 4 t h o w n e r o f t h e s a m e g a i n e d R s . 4 . 7 5 C r o r e . 4 . 3 D e s i r o u s o f i n v e s t i n g t h e g a i n i n t o a r e s i d e n t i a l h o m e i n t e r m s o f S e c t i o n 5 4 F o f t h e A c t , h e c l a i m e d e x e m p t i o n u n d e r S e c t i o n 5 4 F o f t h e A c t b y d e p o s i t i n g t h e a m o u n t o f R s . 4 . 6 7 C r o r e w i t h t h e B a n k o f I n d i a i n t e r m s o f C a p i t a l G a i n s A c c o u n t s S c h e m e , 1 9 8 8 . Page 6 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 4 . 4 T h e p e t i t i o n e r f i l e d t h e r e t u r n o f i n c o m e f o r t h e A s s e s s m e n t Y e a r 2 0 1 9 - 2 0 2 0 o n 2 3 . 0 9 . 2 0 1 9 d i s c l o s i n g t h e s a l e o f l a n d p a r c e l a n d c o m p u t e d t h e t a x a b l e C a p i t a l G a i n a s N i l a f t e r t h e c l a i m o f d e d u c t i o n u n d e r S e c t i o n 5 4 F o f t h e A c t . 4 . 5 T h e i n t e r e s t u p o n t h e a m o u n t d e p o s i t e d w i t h t h e B a n k o f I n d i a h a d b e e n r e c e i v e d b y t h e p e t i t i o n e r . A c c o r d i n g t o h i m , h e w a s w a i t i n g f o r t h e o p p o r t u n i t y t o i n v e s t i n t h e r e s i d e n t i a l h o m e . H o w e v e r h e c o u l d f i n d t h e v i a b l e o p p o r t u n i t y a f t e r a l o n g t i m e a n d t h e m a x i m u m t i m e a l l o w a b l e u n d e r S e c t i o n 5 4 F s i n c e i s t h r e e y e a r s f r o m t h e d a t e o f t r a n s f e r t o c o n s t r u c t t h e r e s i d e n t i a l h o u s e , h i s t i m e i s e x p i r i n g o n 2 3 . 1 2 . 2 0 2 1 . I t i s a v e r r e d t h a t s i n c e h e i s n o t i n a p o s i t i o n t o c a r r y o u t t h e d e s i r e d Page 7 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 o b j e c t i v e , h e s e e k s t o w i t h d r a w t h e m o n e y d e p o s i t e d w i t h t h e B a n k t o u t i l i z e t h e s a m e f o r t h e p u r c h a s e o f l a n d . A s a N o O b j e c t i o n C e r t i f i c a t e o f t h e r e s p o n d e n t w a s a m u s t a s p e r t h e s a y o f t h e B a n k , t h e p e t i t i o n e r c h o s e t o p a y t h e C a p i t a l G a i n b y w a y o f a n a d v a n c e t a x o f R s . 1 . 2 5 C r o r e o n 1 5 . 0 9 . 2 0 2 1 . H e a l s o s o u g h t N o O b j e c t i o n C e r t i f i c a t e f r o m t h e r e s p o n d e n t v i d e l e t t e r d a t e d 2 0 . 0 9 . 2 0 2 1 . T h e a m o u n t o f R s . 1 . 2 5 C r o r e a s a v e r r e d b y t h e p e t i t i o n e r i s m o r e t h a n t h e a m o u n t w h i c h i s a c t u a l l y d u e a n d p a y a b l e a s t h e C a p i t a l G a i n T a x . T h e p e t i t i o n e r h a s a l s o p a i d t h e a d d i t i o n a l a d v a n c e t a x o n 1 5 . 0 9 . 2 0 2 1 o v e r a n d a b o v e t h e s a i d a m o u n t o f R s . 1 . 2 5 C r o r e w h i c h c o n c e r n s h i s p r o f e s s i o n a l i n c o m e a n d i n c o m e f r o m o t h e r s o u r c e s . Page 8 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 4 . 6 T h e r e s p o n d e n t s o u g h t t h e d e t a i l s f r o m t h e p e t i t i o n e r o n 2 1 . 1 0 . 2 0 2 1 i n r e l a t i o n t o h i s s a l e d e e d e x e c u t e d f o r c o n s i d e r a t i o n o f R s . 4 . 7 5 C r o r e , B a n k S t a t e m e n t r e f l e c t i n g t h e s a i d a m o u n t , c o p y o f C a p i t a l G a i n S c h e m e A c c o u n t a n d I n d e m n i t y B o n d f o r o f f e r i n g t h e i n c o m e i n A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 . 4 . 7 O n 2 2 . 1 0 . 2 0 2 1 t h e r e q u e s t w a s m a d e t o t h e r e s p o n d e n t f o r i s s u a n c e o f t h e N o O b j e c t i o n C e r t i f i c a t e t o e n a b l e t h e p e t i t i o n e r t o w i t h d r a w t h e m o n e y f r o m t h e B a n k o f I n d i a a c c o u n t . 4 . 8 O n 2 8 . 1 0 . 2 0 2 1 t h e r e j e c t i o n h a d c o m e f o r i s s u a n c e o f N o O b j e c t i o n C e r t i f i c a t e o n l y o n t h e g r o u n d t h a t t h e s a m e c a n n o t b e d o n e u n t i l t h e r e t u r n o f Page 9 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 i n c o m e i s f i l e d f o r A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 . 4 . 9 T h e p e t i t i o n e r i s , t h e r e f o r e , b e f o r e t h i s C o u r t w i t h t h e a f o r e m e n t i o n e d p r a y e r s a t p a r a 7 . 5 . W e h a v e e x t e n s i v e l y h e a r d t h e l e a r n e d s e n i o r a d v o c a t e , M r . S o p a r k a r a s s i s t e d b y t h e l e a r n e d a d v o c a t e , M r . B a n d i s h S o p a r k a r , w h o h a s a r g u e d a l o n g t h e l i n e o f t h e m e m o o f t h e p e t i t i o n a n d a l s o h a s u r g e d t h a t t h e o r d i n a r i l y i n c o m e o f f e r e d b y t h e p e t i t i o n e r a n d t h e t a x p a i d b y h i m w i t h r e s p e c t t o h i s p r o f e s s i o n a l i n c o m e i s n e a r l y R s . 5 5 t o 5 7 L a k h e v e r y y e a r . T h e t a x l i a b i l i t y o f t h e p e t i t i o n e r o n C a p i t a l G a i n i s c a l c u l a t e d a n d i t c a n n o t e x c e e d t h e a m o u n t o f R s . 1 . 2 5 C r o r e . T h e s a i d s u m b e i n g d u e a n d p a y a b l e a s t h e C a p i t a l G a i n T a x , t h e r e Page 10 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 c o u l d b e n o e a r t h l y r e a s o n f o r t h e r e s p o n d e n t n o t t o i s s u e t h e N o O b j e c t i o n C e r t i f i c a t e f o r t h e B a n k t o a l l o w h i m w i t h d r a w a l o f t h e r e m a i n i n g a m o u n t . 5 . 1 A c c o r d i n g t o l e a r n e d s e n i o r a d v o c a t e , M r . S o p a r k a r , t h e p e t i t i o n e r s i n c e i s u n a b l e t o n o w p u r c h a s e t h e r e s i d e n t i a l h o m e f o r w h i c h t h e a m o u n t h a d b e e n p a r k e d f o r t h r e e y e a r s , h e i s s e e k i n g t o w i t h d r a w t h e m o n e y d e p o s i t e d w i t h t h e B a n k o f I n d i a f o r u t i l i s a t i o n o f t h e s a i d f u n d f o r t h e p u r c h a s e o f o t h e r l a n d . I t i s f u r t h e r u r g e d t h a t n e c e s s a r y u n d e r t a k i n g i s b e i n g o f f e r e d b y t h e p e t i t i o n e r w h e n h e o f f e r e d t h e C a p i t a l G a i n s o n s u c h t r a n s f e r i n t h e r e t u r n o f i n c o m e t o b e f i l e d f o r t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 i n t e r m s o f S e c t i o n 5 4 F o f t h e A c t . H e h a s u n d e r t a k e n Page 11 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 t o s u p p l y t h e p h y s i c a l c o p y o f t h e r e t u r n o f i n c o m e f o r t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 t o t h e J u r i s d i c t i o n a l A s s e s s i n g O f f i c e r n o s o o n e r t h e n h e e - f i l e s t h e r e t u r n o f i n c o m e u n d e r t h e p r o v i s i o n o f S e c t i o n 1 3 9 o f t h e A c t . H e h a s a l s o f u r t h e r u n d e r t a k e n n o t t o c l a i m t h e s e t o f f o f a n y b u s i n e s s / p r o f e s s i o n a l l o s s a g a i n s t t h e s a i d C a p i t a l G a i n t h a t h e m a y o f f e r i n t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 . 5 . 2 L e a r n e d c o u n s e l h a s r e l i e d o n t h e f o l l o w i n g t w o d e c i s i o n s t o s u b s t a n t i a t e h i s s u b m i s s i o n s : ( I )P r o f e s s o r P . N . S h e t t y v s . O f f i c e o f I n c o m e - t a x O f f i c e r , r e p o r t e d i n ( 2 0 1 9 ) 1 1 2 t a x m a n . c o m 2 1 8 ( K a r n a t a k a ) . Page 12 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 ( I I ) P a d m a S w a m i n a t h a n v s . I n c o m e T a x O f f i c e r , N o n - C o r p o r a t e W a r d - 1 5 ( 4 ) , C h e n n a i , r e p o r t e d i n ( 2 0 1 7 ) 8 8 t a x m a n . c o m 5 9 6 ( M a d r a s ) . 6 . F r o m t h e C a p i t a l G a i n A c c o u n t S c h e m e t h e l e a r n e d s e n i o r s t a n d i n g c o u n s e l , M s . M a i t h i l i M e h t a h a s u r g e d t h a t t h e o f f e r i n g o f s u m o f R s . 1 . 2 5 C r o r e m a y n o t s u f f i c e a s t h e r e m a y b e a p o s s i b i l i t y a t t h e t i m e o f f i l i n g o f t h e r e t u r n f o r t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 f o r h i m t o c l a i m t h e s e t o f f a g a i n s t t h e l o s s . M o r e o v e r , h e c a n a l w a y s w a i t a s p r o v i d e d i n t h e c o m m u n i c a t i o n r e j e c t i n g h i s r e q u e s t f o r N o O b j e c t i o n C e r t i f i c a t e t i l l h e c o m p l e t e s t h e f i l i n g o f r e t u r n o f i n c o m e u n d e r S e c t i o n 1 3 9 o f t h e A c t f o r t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 . S h e h a s a l s o e m p h a s i s e d t h a t t h e Page 13 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 s a i d a m o u n t f o r t h r e e y e a r s h a d b e e n p a r k e d w i t h a n i n t e n t t o p u r c h a s e t h e r e s i d e n t i a l h o u s e w h i c h h a s n o t b e e n d o n e s o f a r . T h e r e f o r e , t h e a u t h o r i t y c o n c e r n e d w a s r i g h t i n d e n y i n g t h e N o O b j e c t i o n C e r t i f i c a t e c o n s i d e r i n g t h e p o s s i b i l i t y o f c e r t a i n l o o p h o l e s a n d t h e p o s s i b i l i t y o f e n h a n c e d l i a b i l i t y o f t a x . 6 . 1 H o w e v e r , i n r e s p o n s e t o t h e a d d i t i o n a l a f f i d a v i t w h i c h h a s b e e n f i l e d t o d a y , s h e h a s f a i r l y s u b m i t t e d t h a t t h i s i s i n c o m p l i a n c e o n f u r n i s h i n g o f t h e h a r d c o p y o f t h e r e t u r n a n d i n t h e e v e n t o f n o t c l a i m i n g a n y k i n d o f l o s s i n t h e r e t u r n , a s s u b m i t t e d b y t h e p e t i t i o n e r b e f o r e t h i s C o u r t . 6 . 2 S h e h a s f u r t h e r a r g u e d t h a t t h e p r o v i s i o n o f S e c t i o n 5 4 F ( 4 ) o f t h e A c t Page 14 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 s p e c i f i c a l l y p r o v i d e s t h a t t h e a m o u n t d e p o s i t e d u n d e r t h i s s u b - s e c t i o n i f i s n o t u t i l i s e d w h o l l y o r p a r t l y f o r t h e p u r c h a s e o r c o n s t r u c t i o n o f t h e n e w a s s e t w i t h i n t h e s p e c i f i e d t i m e p e r i o d t h e n t h e s a i d a m o u n t i s t o b e c h a r g e d u n d e r S e c t i o n 4 5 o f t h e A c t a s t h e i n c o m e o f t h e p r e v i o u s y e a r i n w h i c h t h e p e r i o d o f t h r e e y e a r s f r o m t h e d a t e o f t h e t r a n s f e r o f t h e o r i g i n a l a s s e t e x p i r e s . A c c o r d i n g t o h e r , t h i s b e i n g t h e c h a r g i n g p r o v i s i o n , t h e t a x p a i d m a y n o t b e s u f f i c i e n t a s t h e f i n a l c a l c u l a t i o n s h a l l b e d o n e o n l y a t t h e s t a g e o f t h e a s s e s s m e n t a f t e r o n c e t h e r e t u r n i s f i l e d f o r t h e A s s e s s m e n t Y e a r 2 0 2 2 - 2 0 2 3 . 7 . A t t h e o u t s e t , p r o v i s i o n o f S e c t i o n 5 4 F o f t h e A c t w i l l r e q u i r e t o b e r e p r o d u c e d a t t h i s s t a g e : Page 15 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 “54 F: (1) Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or [two years] after the date on which the transfer took place purchased, or has within a period of three years after that date [constructed, one residential house in India] (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say, (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45: \"[Provided that nothing contained in this sub-section Page 16 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 shall apply where- (a)the assessee,- (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head \"Income from house property\".] Explanation. For the purposes of this section- [***] [***] \"net consideration\", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer. Page 17 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 (2) Where the assessee purchases, within the period of \"[two years] after the date of the transfer of the original asset, or constructs, within the period of three years after such date, any residential house, the income from which is chargeable under the head \"Income from house property\", other than the new asset, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head \"Capital gains\" relating to long-term capital assets of the previous year in which such residential house is purchased or constructed. (3) Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable under the head \"Capital gains\" relating to long-term capital assets of the previous year in which such new asset is transferred.] (4) The amount of the net consideration which is not appropriated by the assessee towards the purchase of the Page 18 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return (such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof such of deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the proof of such deposit: assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset: Provided that if the amount deposited under this sub- section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then, (i) the amount by which (a) the amount of capital gain arising from the transfer Page 19 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1), exceeds (b) the amount that would not have been so charged had the amount actually utilised by the assessee for the purchase or construction of the new asset within the period specified in sub-section (1) been the cost of the new asset, shall be charged under section 45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw the unutilised amount in accordance with the scheme aforesaid.” 7 . 1 T h i s p r o v i s i o n c l e a r l y p r o v i d e s f o r t h e C a p i t a l G a i n o n t r a n s f e r o f c e r t a i n c a p i t a l a s s e t s w h i c h a r e n o t t o b e c h a r g e d i n c a s e o f t h e i n v e s t m e n t m a d e i n r e s i d e n t i a l h o u s e . I n c a s e o f a n a s s e s s e e b e i n g a n i n d i v i d u a l , i f t h e C a p i t a l G a i n a r i s e s f r o m t h e t r a n s f e r o f a n y l o n g t e r m Page 20 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 c a p i t a l a s s e t , n o t b e i n g a r e s i d e n t i a l h o u s e a n d i f t h e a s s e s s e e h a s w i t h i n a p e r i o d o f o n e y e a r b e f o r e o r a f t e r t h e d a t e o n w h i c h t h e t r a n s f e r t o o k p l a c e p u r c h a s e d o r h a s w i t h i n a p e r i o d o f t h r e e y e a r s a f t e r t h a t d a t e c o n s t r u c t e d a r e s i d e n t i a l h o u s e , t h e C a p i t a l G a i n s h a l l b e d e a l t w i t h a s p r o v i d e d i n t h e s a i d p r o v i s i o n . S u b - s e c t i o n ( 4 ) o f S e c t i o n 5 4 F o f t h e A c t p r o v i d e s t h a t t h e a m o u n t o f t h e n e t c o n s i d e r a t i o n w h i c h i s n o t a p p r o p r i a t e d b y t h e a s s e s s e e t o w a r d s t h e p u r c h a s e o f t h e n e w a s s e t m a d e w i t h i n o n e y e a r b e f o r e t h e d a t e o n w h i c h t h e t r a n s f e r o f t h e o r i g i n a l a s s e t t o o k p l a c e , o r t h e s a m e i s n o t u t i l i z e d f o r t h e p u r c h a s e o r c o n s t r u c t i o n o f t h e n e w a s s e t b e f o r e t h e d a t e o f f u r n i s h i n g t h e r e t u r n o f i n c o m e u n d e r S e c t i o n 1 3 9 o f t h e A c t , t h e s a m e i s r e q u i r e d t o b e d e p o s i t e d b e f o r e Page 21 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 f u r n i s h i n g s u c h r e t u r n i n a n a c c o u n t i n a n y s u c h B a n k o r i n s t i t u t i o n a s m a y b e s p e c i f i e d i n , a n d u t i l i z e d i n a c c o r d a n c e w i t h a n y s c h e m e w h i c h t h e C e n t r a l G o v e r n m e n t m a y b y n o t i f i c a t i o n i n t h e O f f i c i a l g a z e t t e f r a m e i n t h i s b e h a l f a n d s u c h r e t u r n s h a l l b e a c c o m p a n i e d b y p r o o f o f s u c h d e p o s i t a n d f o r t h e p u r p o s e o f S u b - s e c t i o n ( 1 ) o f S e c t i o n 1 3 9 o f t h e A c t , t h e a m o u n t , i f a n y , a l r e a d y u t i l i z e d b y t h e a s s e s s e e f o r t h e p u r c h a s e o r c o n s t r u c t i o n o f t h e n e w a s s e t t o g e t h e r w i t h t h e a m o u n t s o d e p o s i t e d s h a l l b e d e e m e d t o b e c o s t o f t h e n e w a s s e t . 7 . 2 T h e p r o v i s o , o f c o u r s e , p r o v i d e s t h a t i f t h e a m o u n t d e p o s i t e d i s n o t u t i l i z e d w h o l l y o r p a r t l y f o r t h e p u r c h a s e o r c o n s t r u c t i o n o f t h e n e w a s s e t w i t h i n t h e Page 22 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 p e r i o d s p e c i f i e d i n S u b - s e c t i o n ( 1 ) o f S e c t i o n 1 3 9 o f t h e A c t a n d t h e a m o u n t o f C a p i t a l G a i n t h a t a r i s e s f r o m t h e t r a n s f e r o f t h e o r i g i n a l a s s e t n o t c h a r g e d u n d e r S e c t i o n 4 5 o f t h e A c t o n t h e b a s i s o f t h e c o s t o f t h e n e w a s s e t a s p r o v i d e d e x c e e d s t h e a m o u n t t h a t w o u l d n o t h a v e b e e n s o c h a r g e d h a d t h e a m o u n t b e e n a c t u a l l y u t i l i z e d b y t h e a s s e s s e e f o r t h e p u r c h a s e o r c o n s t r u c t i o n o f n e w a s s e t , t h e n i t s h a l l b e c h a r g e d u n d e r S e c t i o n 4 5 o f t h e A c t a s i n c o m e o f t h e p r e v i o u s y e a r i n w h i c h t h e p e r i o d o f t h r e e y e a r s f r o m t h e d a t e o f t r a n s f e r o f t h e o r i g i n a l a s s e t e x p i r e s . 7 . 2 A p t w o u l d b e t o r e f e r t o S e c t i o n 4 5 o f t h e A c t a t t h i s s t a g e : “45. Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in Section 54, 54B...54D, 54E, 54EA, Page 23 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 54EB, 54F, 54G and 54H be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be the income of the previous year in which the transfer took place.” 7 . 3 T h u s , a n y p r o f i t o r g a i n s a r i s i n g f r o m t r a n s f e r o f c a p i t a l a s s e t e f f e c t e d i n t h e p r e v i o u s y e a r s h a l l b e c h a r g e a b l e , a s p r o v i d e d u n d e r t h e p r o v i s i o n s o f S e c t i o n s 5 4 , 5 4 B w h i c h i n c l u d e s S e c t i o n 5 4 F t o i n c o m e t a x u n d e r t h e h e a d C a p i t a l G a i n s a n d s h a l l b e d e e m e d t o b e t h e i n c o m e o f t h e p r e v i o u s y e a r i n w h i c h t h e t r a n s f e r t o o k p l a c e . 8 . T h e H i g h C o u r t o f K a r n a t a k a i n c a s e o f P r o f e s s o r P . N . S h e t t y ( s u p r a ) w a s d e a l i n g w i t h a c a s e w h e r e a s s e s s e e h a d s o l d t h e i m m o v a b l e p r o p e r t y a n d d e p o s i t e d t h e C a p i t a l G a i n o f R s . 1 . 1 5 C r o r e i n C a p i t a l G a i n A c c o u n t S c h e m e , 1 9 8 8 a n d c l a i m e d Page 24 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 e x e m p t i o n u n d e r S e c t i o n 5 4 F o f t h e A c t . H e p u r c h a s e d a p r o p e r t y p r e m i s e f o r p r i c e o f R s . 2 1 . 3 2 L a k h b e f o r e t h e e x p i r y o f t h r e e y e a r s f r o m t h e d a t e o f t r a n s f e r o f o r i g i n a l c a p i t a l a s s e t s . S i n c e o n l y a p a r t o f t h e a m o u n t d e p o s i t e d i n C a p i t a l G a i n s A c c o u n t S c h e m e w a s u t i l i z e d f o r c o n s t r u c t i o n o r p u r c h a s e o f a n e w a s s e t w i t h i n s p e c i f i e d t i m e o f t h r e e y e a r s , t h e q u e s t i o n w a s w h e t h e r t h e i n c o m e t a x w a s c h a r g e a b l e o n r e m a i n i n g u n u t i l i z e d a m o u n t i n p r e v i o u s y e a r i n w h i c h t h e p e r i o d o f t h r e e y e a r s h a d e x p i r e d . T h e C o u r t a n s w e r e d i t i n a f f i r m a t i o n b y h o l d i n g t h a t i f o n l y a p a r t o f t h e a m o u n t d e p o s i t e d i n C a p i t a l G a i n s A c c o u n t S c h e m e i s u t i l i z e d f o r t h e c o n s t r u c t i o n o r p u r c h a s e o f n e w a s s e t w i t h i n t h e s p e c i f i e d t i m e p e r i o d , t h e i n c o m e t a x i s c h a r g e a b l e o n u n u t i l i s e d Page 25 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 a m o u n t . T h e a p p e l l a n t b e f o r e t h e K a r n a t a k a H i g h C o u r t w a s h e l d e n t i t l e d f o r w i t h d r a w a l o f t h e a m o u n t d e p o s i t e d u n d e r S u b - s e c t i o n ( 4 ) o f S e c t i o n 5 4 F o f t h e A c t , s u b j e c t t o d e d u c t i o n o f t h e t a x a p p l i c a b l e . 9 . I n c a s e o f P a d m a S w a m i n a t h a n ( s u p r a ) t h e q u e s t i o n o f p r o f i t o n s a l e o f t h e p r o p e r t y u s e d f o r r e s i d e n t i a l h o u s e w h e r e r e v e n u e r e f u s e d t o g i v e N o O b j e c t i o n C e r t i f i c a t e t o p e t i t i o n e r e n a b l i n g h e r t o w i t h d r a w a m o u n t d e p o s i t e d b y w a y o f f i x e d d e p o s i t u n d e r C a p i t a l G a i n A c c o u n t . T h e C a p i t a l G a i n A c c o u n t s w e r e i n e i g h t d i f f e r e n t a c c o u n t n u m b e r s a n d t h e p e t i t i o n e r h a d r a i s e d a r e q u e s t f o r i s s u i n g t h e ‘ N o O b j e c t i o n C e r t i f i c a t e ’ , s o f a r a s t h e f i v e a c c o u n t s w e r e c o n c e r n e d , b y r e t a i n i n g t h r e e a c c o u n t s w h i c h , a c c o r d i n g Page 26 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 t o t h e p e t i t i o n e r , w o u l d c o v e r t h e t o t a l d e m a n d o f t a x . W h e n t h i s w a s d e n i e d b y t h e a u t h o r i t y , t h e C o u r t h a d i n t e r v e n e d a n d d i r e c t e d t h e r e v e n u e t o i s s u e t h e N o O b j e c t i o n C e r t i f i c a t e i n r e s p e c t o f t h e r e m a i n i n g f i v e a c c o u n t s . W h i l e s o d o i n g t h e C o u r t h e l d t h a t s i n c e t h e t a x l i a b i l i t y u n d e r d i s p u t e w o u l d c o v e r t h e t o t a l a m o u n t i n d e p o s i t , i n r e s p e c t o f t h e t h r e e a c c o u n t n u m b e r s w h e n t h e p e t i t i o n e r h a d c o m e f o r w a r d w i t h a r e q u e s t o n l y i n r e s p e c t o f o t h e r f i v e a c c o u n t s a n d w a s w i l l i n g t o g o b e f o r e t h e r e s p o n d e n t f o r c o n s i d e r i n g t h e m a t t e r a f r e s h i n r e s p e c t o f t h o s e t h r e e a c c o u n t s , t h e r e v e n u e w a s d i r e c t e d t o i s s u e N o O b j e c t i o n C e r t i f i c a t e f o r t h e r e m a i n i n g f i v e a c c o u n t s . 1 0 . R e v e r t i n g t o t h e f a c t s o n h a n d s , Page 27 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 t h e p a r c e l o f l a n d s i t u a t e d a t D i s t r i c t A h m e d a b a d i n G h a t l o d i y a T a l u k a h a d b e e n s o l d b y t h e p e t i t i o n e r a n d o t h e r c o - o w n e r s b y w a y o f a r e g i s t e r e d s a l e d e e d e x e c u t e d o n 2 4 . 1 2 . 2 0 1 8 . T h e p e t i t i o n e r a l o n g w i t h t h e o t h e r c o - o w n e r s h a d r e c e i v e d t h e c o n s i d e r a t i o n o f R s . 1 9 C r o r e a n d b e i n g t h e 1 / 4 t h o w n e r o f t h e p r o p e r t y , h e g a i n e d R s . 4 . 7 5 C r o r e f r o m t h e s a l e o f t h i s l a n d . W i t h a n i n t e n t t o i n v e s t i t i n t o t h e r e s i d e n t i a l h o u s e , h e h a d d e p o s i t e d t h e a m o u n t w i t h t h e B a n k o f I n d i a i n t e r m s o f C a p i t a l G a i n s A c c o u n t S c h e m e , w h i c h p r o v i d e s t h e m o d a l i t i e s o f t h e d e p o s i t s t o b e m a d e , t h e t y p e s o f d e p o s i t s , t h e a p p l i c a t i o n f o r o p e n i n g a c c o u n t , t h e i s s u a n c e o f d u p l i c a t e p a s s b o o k o r r e c e i p t , t r a n s f e r a n d c o n v e r s i o n o f t h e a c c o u n t , t h e i n t e r e s t t o b e p a i d o n s u c h a m o u n t a n d a l s o Page 28 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 p r o v i d e s f o r t h e w i t h d r a w a l f r o m t h e a c c o u n t . I t p r o v i d e s t h a t a d e p o s i t o r h a v i n g a n a c c o u n t m a y a t a n y t i m e a f t e r m a k i n g t h e i n i t i a l s u b s c r i p t i o n , m a y a p p l y i n F o r m C n e a r e r a s p o s s i b l e t o g e t h e r w i t h t h e p a s s b o o k t o t h e d e p o s i t o f f i c e f o r w i t h d r a w a l o f t h e a m o u n t f r o m t h e b a l a n c e t o h i s c r e d i t s u b j e c t t o t h e o t h e r p r o v i s i o n s o f t h i s s c h e m e . I t a l s o p r o v i d e s f o r u t i l i s a t i o n o f t h e a m o u n t o f w i t h d r a w a l , n o m i n a t i o n a n d t h e c l o s u r e o f t h e a c c o u n t . 1 0 . 1 A p t w o u l d b e t o r e p r o d u c e p a r a 1 3 ( 1 ) o f t h e C a p i t a l G a i n s A c c o u n t S c h e m e s w h i c h p r o v i d e s t h u s : Closure of the account. “13(1). If a depositor (other than aneligible company as referred to in section 54GB) desires to close his account, an Page 29 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 application shall be made with the approval of the Assessing Officer who has jurisdiction over the depositor to the deposit office in Form G or as near thereto as possible, and the deposit office shall pay the amount of balance including interest accrued, to the credit in the account of the depositor by means of crediting such amount to any bank account of the depositor.” 1 0 . 2 I t p r o v i d e s c l e a r l y t h a t i f a d e p o s i t o r o t h e r t h a n t h e e l i g i b l e c o m p a n y w h e n d e s i r e s t o c l o s e i t s a c c o u n t a n a p p l i c a t i o n n e e d s t o b e m a d e w i t h t h e a p p r o v a l o f t h e A s s e s s i n g O f f i c e r h a v i n g j u r i s d i c t i o n o v e r t h e d e p o s i t o r t o t h e d e p o s i t o f f i c e . T h e d e p o s i t o f f i c e s h a l l p a y t h e a m o u n t o f b a l a n c e i n c l u d i n g i n t e r e s t a c c r u e d , t o t h e c r e d i t i n t h e a c c o u n t o f t h e d e p o s i t o r b y m e a n s o f c r e d i t i n g s u c h a m o u n t t o a n y B a n k a c c o u n t o f t h e d e p o s i t o r . 1 1 . H e r e i s a c a s e w h e r e i t i s n o t o n Page 30 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 a c c o u n t o f t h e d e p o s i t o r h a v i n g f u l f i l l e d t h e r e q u i r e m e n t o f S e c t i o n 5 4 F o f t h e A c t i s c h o o s i n g t o c l o s e t h e a c c o u n t , b u t h e h a s i n s t e a d s h o w n h i s i n a b i l i t y t o p u r c h a s e a n y r e s i d e n t i a l h o u s e a n d t h e r e f o r e , o n p a y m e n t o f t a x h e h a s s o u g h t t o c l o s e t h e a c c o u n t a n d p e r m i t t h e w i t h d r a w a l o f t h e r e m a i n i n g a m o u n t f o r t h e s a m e t o b e u t i l i s e d a s m a y b e l e g a l l y p e r m i s s i b l e . H o w e v e r , f o r s o d o i n g h e w o u l d b e r e q u i r i n g n o t o n l y t h e p a y m e n t o f t h e t a x a s p r o v i d e d u n d e r S e c t i o n 5 4 F o f t h e A c t i n t h e p r o v i s o c l e a r l y w h i l e r e a d i n g t h e s a i d p r o v i s i o n a n d S e c t i o n 4 5 o f t h e A c t . 1 2 . W i t h n o m e c h a n i s m o r m o d a l i t y p r o v i d e d f o r t h e w i t h d r a w a l o f t h e a m o u n t w h i c h a t o n e p o i n t o f t i m e h a d b e e n c o n t e m p l a t e d f o r t h e p u r c h a s e o f t h e Page 31 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 r e s i d e n t i a l p r e m i s e s f r o m t h e a m o u n t o f C a p i t a l G a i n s u n d e r t h e s a i d s c h e m e , t h e r e q u e s t h a d b e e n m a d e t o t h e r e s p o n d e n t f o r i s s u a n c e o f t h e N o O b j e c t i o n C e r t i f i c a t e t o w h i c h f o r t h e a p p r e h e n s i o n v e n t i l a t e d b e f o r e t h i s C o u r t , i t h a s c h o s e n n o t t o i s s u e t h e s a m e . 1 3 . W e s e e n o r e a s o n f o r t h e a u t h o r i t y c o n c e r n e d n o t t o a l l o w t h i s . M o r e p a r t i c u l a r l y , o n t h e e n t i r e a m o u n t t h e a d v a n c e t a x o f R s . 1 . 2 5 c r o r e i s a l r e a d y p a i d . I t i s g i v e n t o u n d e r s t a n d t h a t o r d i n a r i l y t h e t a x w h i c h i s b e i n g o f f e r e d f r o m t h e p r o f e s s i o n a l i n c o m e i s o v e r t h e p e r i o d o f t i m e b e i n g r e g u l a r l y p a i d a n d a t n o s t a g e t h e p e t i t i o n e r h a s d e f a u l t e d . T h e s a i d a m o u n t o f R s . 1 . 2 5 C r o r e i s n o t t o b e a d j u s t e d a g a i n s t a n y p o s s i b l e l o s s w h i c h i s Page 32 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 q u i t e u n l i k e l y a n d t h e s a m e h a s b e e n s t a t e d b y w a y o f a n a f f i d a v i t . I t h a s b e e n u n d e r t a k e n f u r t h e r t h a t w h i l e f i l i n g o f t h e r e t u r n , p h y s i c a l c o p y s h a l l b e a l s o g i v e n t o t h e A s s e s s i n g O f f i c e r h a v i n g t h e j u r i s d i c t i o n . W i t h a l l p o s s i b l e l o o p h o l e s h a v i n g b e e n p l u g g e d c e m e n t i n g t h e s a m e w i t h t h e a f f i d a v i t t e n d e r e d b e f o r e t h i s C o u r t a d d i t i o n a l l y p u r s u a n t t o t h e s u b m i s s i o n s m a d e b y t h e l e a r n e d s e n i o r s t a n d i n g c o u n s e l , M s . M a i t h i l i M e h t a , t h e a c t i o n o f t h e A s s i s t a n t C o m m i s s i o n e r , I n c o m e T a x d a t e d 2 0 . 1 0 . 2 0 2 1 w h e r e b y h e d e n i e d t o i s s u e t h e N o O b j e c t i o n C e r t i f i c a t e f o r t h e b a l a n c e w i t h d r a w a l o f t h e d e p o s i t d e s e r v e s a n d w a r r a n t s i n t e r f e r e n c e . 1 4 . F r o m t h e r o b u s t f a c t s w h i c h h a v e b e e n s e t o u t c o u p l e d w i t h t h e c i r c u m s t a n c e s w h i c h e x i s t i n t h e i n s t a n t c a s e a n d b e i n g Page 33 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 c o n v i n c e d w i t h t h e c r e d i b i l i t y o f t h e p e t i t i o n e r a s t h e a s s e s s e e o f i n c o m e t a x d e p a r t m e n t o v e r t h e y e a r s , t h e C o u r t i s o f t h e o p i n i o n t h a t t h i s p e t i t i o n d e s e r v e s t o b e p e r m i t t e d . 1 5 . W e a c c o r d i n g l y a l l o w t h e p r e s e n t p e t i t i o n a n d d i r e c t t h e r e s p o n d e n t a u t h o r i t y c o n c e r n e d t h a t f r o m t h e p a r t o f t h e a m o u n t d e p o s i t e d i n t h e C a p i t a l G a i n A c c o u n t S c h e m e , t h e a m o u n t w h i c h r e m a i n s s h a l l b e p e r m i t t e d t o b e w i t h d r a w n . 1 5 . 1 L e t N o O b j e c t i o n C e r t i f i c a t e i n r e s p e c t o f A c c o u n t N o . 2 0 0 1 1 6 8 1 0 0 0 0 0 1 5 b e i s s u e d w i t h i n a p e r i o d o f o n e w e e k f r o m t h e d a t e o f r e c e i p t o f a c o p y o f t h i s o r d e r . 1 6 . T h e p e t i t i o n e r , o v e r a n d a b o v e t h e Page 34 of 35 C/SCA/17328/2021 JUDGMENT DATED: 01/12/2021 a d d i t i o n a l a f f i d a v i t d a t e d 0 1 . 1 2 . 2 0 2 1 t e n d e r e d b e f o r e t h i s C o u r t , s h a l l f i l e a n u n d e r t a k i n g b e f o r e t h e c o n c e r n e d A s s e s s i n g O f f i c e r a l o n g t h e s a m e l i n e . 1 7 . O v e r a n d a b o v e t h e r e g u l a r m o d e o f s e r v i c e , d i r e c t s e r v i c e i s p e r m i t t e d t h r o u g h s p e e d p o s t a s w e l l a s e - m o d e . Sd/- (SONIA GOKANI, J) Sd/- (NISHA M. THAKORE,J) M.M.MIRZA Page 35 of 35 "