https://www.taxtmi.com/caselaws?id=66139 In capital gains computation, sale proceeds diverted to discharge a prior Government charge on the property were excluded because that amount never reached the assessee and related only to the transfer of the assessee's actual interest. The deduction was also treated as necessary to secure complete title, so the secured amount was not includible in the taxable gain. By contrast, the interest payment was not shown to be expenditure incurred wholly and exclusively in connection with the transfer, nor part of cost of acquisition or improvement, so the deduction was denied. The assessment was therefore to be recomputed on that basis. en-us Thu, 10 Oct 1985 00:00:00 +0530 Mon, 21 Feb 2011 17:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66139 In capital gains computation, sale proceeds diverted to discharge a prior Government charge on the property were excluded because that amount never reached the assessee and related only to the transfer of the assessee's actual interest. The deduction was also treated as necessary to secure complete title, so the secured amount was not includible in the taxable gain. By contrast, the interest payment was not shown to be expenditure incurred wholly and exclusively in connection with the transfer, nor part of cost of acquisition or improvement, so the deduction was denied. The assessment was therefore to be recomputed on that basis. Case-Laws Income Tax Thu, 10 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66139