https://www.taxtmi.com/caselaws?id=254124 The Tribunal upheld that the sale of a mortgaged property by a bank constitutes a transfer under the Income-tax Act, and the gross sale consideration from the auction should be used for computing capital gains. The timing of the transfer was determined to be the date of the auction, not the date of possession by the bank. This decision aligns with the principles established by the Supreme Court in the Attili N. Rao case, ensuring that the full auction price, less any permissible deductions, is considered for capital gains calculation. en-us Fri, 31 Oct 2014 00:00:00 +0530 Fri, 12 Dec 2014 21:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254124 The Tribunal upheld that the sale of a mortgaged property by a bank constitutes a transfer under the Income-tax Act, and the gross sale consideration from the auction should be used for computing capital gains. The timing of the transfer was determined to be the date of the auction, not the date of possession by the bank. This decision aligns with the principles established by the Supreme Court in the Attili N. Rao case, ensuring that the full auction price, less any permissible deductions, is considered for capital gains calculation. Case-Laws Income Tax Fri, 31 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254124