https://www.taxtmi.com/caselaws?id=71506 The Tribunal held that a sum paid directly to the bank by the purchaser should not be deducted from the full value of consideration for capital gains computation. It ruled that the amount paid to the bank accrued as a result of the transfer and formed part of the consideration. Additionally, the payment made to the bank for mortgage debt was not considered as expenditure wholly and exclusively in connection with the sale. The Tribunal emphasized that allowing such deductions would undermine the capital gains tax scheme and could be used to circumvent tax laws. The appeal was dismissed to uphold the integrity of the tax system. en-us Mon, 24 Apr 1995 00:00:00 +0530 Mon, 25 Apr 2011 13:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71506 The Tribunal held that a sum paid directly to the bank by the purchaser should not be deducted from the full value of consideration for capital gains computation. It ruled that the amount paid to the bank accrued as a result of the transfer and formed part of the consideration. Additionally, the payment made to the bank for mortgage debt was not considered as expenditure wholly and exclusively in connection with the sale. The Tribunal emphasized that allowing such deductions would undermine the capital gains tax scheme and could be used to circumvent tax laws. The appeal was dismissed to uphold the integrity of the tax system. Case-Laws Income Tax Mon, 24 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71506