https://www.taxtmi.com/caselaws?id=17324 An English mortgage acquired out of sale proceeds was treated as acquisition of another capital asset because the mortgagee's interest is property within the wide meaning of capital asset under the Income-tax Act. Section 11(1A) therefore applied to charitable trust property transfers where net consideration is used to acquire a new capital asset to be held under trust. However, where only part of the net consideration is so applied, exemption is restricted to the proportion allowed by the statutory formula and cannot extend to the entire gain. The relief was thus confined to the amount actually utilised for the mortgage acquisition. en-us Wed, 24 Sep 1997 00:00:00 +0530 Mon, 21 Sep 2009 15:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17324 An English mortgage acquired out of sale proceeds was treated as acquisition of another capital asset because the mortgagee's interest is property within the wide meaning of capital asset under the Income-tax Act. Section 11(1A) therefore applied to charitable trust property transfers where net consideration is used to acquire a new capital asset to be held under trust. However, where only part of the net consideration is so applied, exemption is restricted to the proportion allowed by the statutory formula and cannot extend to the entire gain. The relief was thus confined to the amount actually utilised for the mortgage acquisition. Case-Laws Income Tax Wed, 24 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17324