https://www.taxtmi.com/caselaws?id=5602 Under the capital gains scheme, only deductions expressly permitted by section 48 are allowable, and where property devolves by will or succession, section 49 substitutes the previous owner's cost. A statutory charge for estate duty on immovable property creates only a priority for recovery and does not transfer any interest in the asset to the State. Payment of estate duty therefore does not make the transferee's title incomplete or amount to an improvement of the property. The claim to treat the duty as cost of acquisition or cost of improvement failed. en-us Wed, 09 Jul 1997 00:00:00 +0530 Mon, 13 Oct 2025 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5602 Under the capital gains scheme, only deductions expressly permitted by section 48 are allowable, and where property devolves by will or succession, section 49 substitutes the previous owner's cost. A statutory charge for estate duty on immovable property creates only a priority for recovery and does not transfer any interest in the asset to the State. Payment of estate duty therefore does not make the transferee's title incomplete or amount to an improvement of the property. The claim to treat the duty as cost of acquisition or cost of improvement failed. Case-Laws Income Tax Wed, 09 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5602