https://www.taxtmi.com/caselaws?id=364512 The court held that the sale of property did not attract short-term capital gains tax as the acquisition of full ownership did not constitute acquisition by the assessee. The court considered the bequest under the Will as the effective acquisition and deemed the perfection of title from perpetual leasehold rights to complete ownership as a cost of acquisition. Additionally, the court determined that payments made to discharge encumbrances qualified as part of the cost of acquisition, emphasizing the need for genuine claims and arm's length transactions. The court upheld the decision of the Appellate Tribunal, emphasizing the importance of assessing the validity of deductions. en-us Fri, 20 Jul 2018 00:00:00 +0530 Wed, 12 Sep 2018 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364512 The court held that the sale of property did not attract short-term capital gains tax as the acquisition of full ownership did not constitute acquisition by the assessee. The court considered the bequest under the Will as the effective acquisition and deemed the perfection of title from perpetual leasehold rights to complete ownership as a cost of acquisition. Additionally, the court determined that payments made to discharge encumbrances qualified as part of the cost of acquisition, emphasizing the need for genuine claims and arm's length transactions. The court upheld the decision of the Appellate Tribunal, emphasizing the importance of assessing the validity of deductions. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364512