https://www.taxtmi.com/caselaws?id=378373 The court held that the appellant could not claim any part of the sale proceeds as the cost of acquisition for computing capital gains. The court concluded that there was no diversion of sale proceeds by overriding title, but rather an application of profits towards loan obligations. The appeal was dismissed, with the court ruling in favor of the Revenue, stating that the payments made did not qualify as allowable deductions under the Income Tax Act. en-us Wed, 03 Apr 2019 00:00:00 +0530 Thu, 09 May 2019 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378373 The court held that the appellant could not claim any part of the sale proceeds as the cost of acquisition for computing capital gains. The court concluded that there was no diversion of sale proceeds by overriding title, but rather an application of profits towards loan obligations. The appeal was dismissed, with the court ruling in favor of the Revenue, stating that the payments made did not qualify as allowable deductions under the Income Tax Act. Case-Laws Income Tax Wed, 03 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378373