https://www.taxtmi.com/caselaws?id=16785 In computing capital gains on sale of mortgaged property, the amount appropriated directly by the Government towards mortgage dues was treated as deductible from the sale proceeds. The reasoning was that the assessee never received that portion of the auction price, so it could not form part of the consideration realised for section 48 purposes. The balance alone was therefore taken as the amount available for capital gains computation, while cases involving sale free from mortgage were distinguished on their facts. en-us Thu, 02 Apr 1998 00:00:00 +0530 Sat, 12 Sep 2009 12:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16785 In computing capital gains on sale of mortgaged property, the amount appropriated directly by the Government towards mortgage dues was treated as deductible from the sale proceeds. The reasoning was that the assessee never received that portion of the auction price, so it could not form part of the consideration realised for section 48 purposes. The balance alone was therefore taken as the amount available for capital gains computation, while cases involving sale free from mortgage were distinguished on their facts. Case-Laws Income Tax Thu, 02 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16785