https://www.taxtmi.com/caselaws?id=329800 The Court dismissed three appeals filed by assesses challenging the assessment of capital gains on the sale of a property. The Court upheld the decision that there was no direct connection between the sale consideration and loan repayment, denying the claim for deduction under Section 48 of the Income Tax Act. It was found that the sale proceeds were not directly used for loan repayment but kept in fixed deposits. The Court rejected the argument of double taxation, emphasizing the separate tax liabilities of the companies and individual assesses. The appeals were dismissed, and no costs were awarded. en-us Mon, 07 Dec 2015 00:00:00 +0530 Sat, 09 Jul 2016 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329800 The Court dismissed three appeals filed by assesses challenging the assessment of capital gains on the sale of a property. The Court upheld the decision that there was no direct connection between the sale consideration and loan repayment, denying the claim for deduction under Section 48 of the Income Tax Act. It was found that the sale proceeds were not directly used for loan repayment but kept in fixed deposits. The Court rejected the argument of double taxation, emphasizing the separate tax liabilities of the companies and individual assesses. The appeals were dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 07 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329800