https://www.taxtmi.com/caselaws?id=5603 The Supreme Court dismissed the appeal, emphasizing that the questions raised did not present any arguable legal issue. The Court's decision was based on the understanding that the assessee, having created the mortgage himself, did not acquire the mortgagee's interest by clearing the debt. The judgment highlighted the distinction between cases where the previous owner had mortgaged the property and cases where the assessee was the creator of the mortgage. Ultimately, the Court upheld the High Court's decision, despite differing on the rationale, and ruled against the assessee. en-us Wed, 09 Jul 1997 00:00:00 +0530 Thu, 30 Jun 2016 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5603 The Supreme Court dismissed the appeal, emphasizing that the questions raised did not present any arguable legal issue. The Court's decision was based on the understanding that the assessee, having created the mortgage himself, did not acquire the mortgagee's interest by clearing the debt. The judgment highlighted the distinction between cases where the previous owner had mortgaged the property and cases where the assessee was the creator of the mortgage. Ultimately, the Court upheld the High Court's decision, despite differing on the rationale, and ruled against the assessee. Case-Laws Income Tax Wed, 09 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5603