https://www.taxtmi.com/caselaws?id=219737 The Tribunal ruled in favor of the Revenue in a case concerning the interpretation of section 2(47)(vi) of the Income Tax Act. It held that the provision did not apply as the arrangement did not constitute a transfer of a capital asset. Additionally, the Tribunal disagreed with the determination of capital gains from the sale of land and building, emphasizing that the transaction did not qualify as a transfer under the Act. Furthermore, it ruled that the mortgage amount should not be deducted from the consideration received for the property in the computation of capital gains under section 48. en-us Tue, 05 Jun 2012 00:00:00 +0530 Tue, 25 Dec 2012 08:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219737 The Tribunal ruled in favor of the Revenue in a case concerning the interpretation of section 2(47)(vi) of the Income Tax Act. It held that the provision did not apply as the arrangement did not constitute a transfer of a capital asset. Additionally, the Tribunal disagreed with the determination of capital gains from the sale of land and building, emphasizing that the transaction did not qualify as a transfer under the Act. Furthermore, it ruled that the mortgage amount should not be deducted from the consideration received for the property in the computation of capital gains under section 48. Case-Laws Income Tax Tue, 05 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219737