https://www.taxtmi.com/caselaws?id=17656 Sale consideration diverted directly to the mortgagee under an overriding title was not received by the transferor, so the transferor was not chargeable to capital gains on those facts. The property was subject to an enforceable mortgage in favour of the Kerala Financial Corporation, which had the right to sell the property and apply the proceeds towards the loan. Because the entire consideration went to discharge the mortgage debt and the assessee received nothing, the ingredients of chargeability under section 45 of the Income-tax Act, 1961 were not satisfied and section 48 computation did not arise on the Revenue's footing. en-us Mon, 16 Sep 1996 00:00:00 +0530 Thu, 24 Sep 2009 10:17:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17656 Sale consideration diverted directly to the mortgagee under an overriding title was not received by the transferor, so the transferor was not chargeable to capital gains on those facts. The property was subject to an enforceable mortgage in favour of the Kerala Financial Corporation, which had the right to sell the property and apply the proceeds towards the loan. Because the entire consideration went to discharge the mortgage debt and the assessee received nothing, the ingredients of chargeability under section 45 of the Income-tax Act, 1961 were not satisfied and section 48 computation did not arise on the Revenue's footing. Case-Laws Income Tax Mon, 16 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17656