https://www.taxtmi.com/caselaws?id=329333 The Court dismissed all three appeals concerning the assessment of capital gains on the sale of a property. It found no grounds for interference, emphasizing the lack of direct connection between the sale consideration and loan repayment. The Court upheld the Tribunal's decision, rejecting the assesses' claim for deduction under Section 48 of the Income Tax Act, 1961. The assesses' concerns about double taxation were also dismissed, with the Court holding that the waiver of penalty did not absolve them of their tax liability on capital gains. en-us Mon, 07 Dec 2015 00:00:00 +0530 Wed, 29 Jun 2016 20:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329333 The Court dismissed all three appeals concerning the assessment of capital gains on the sale of a property. It found no grounds for interference, emphasizing the lack of direct connection between the sale consideration and loan repayment. The Court upheld the Tribunal's decision, rejecting the assesses' claim for deduction under Section 48 of the Income Tax Act, 1961. The assesses' concerns about double taxation were also dismissed, with the Court holding that the waiver of penalty did not absolve them of their tax liability on capital gains. Case-Laws Income Tax Mon, 07 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329333