https://www.taxtmi.com/caselaws?id=19868 The court upheld the Commissioner's order in the case concerning the assessment of capital gains under the Income-tax Act, 1961. The court ruled that the consideration received for the property transfer should not be reduced by the amount paid to discharge the mortgage. It clarified that the mortgage liability cannot be deducted in computing capital gains as it does not qualify as a cost of acquisition or improvement. The court emphasized that the payment to the bank was essential for the sale to proceed and dismissed the writ petitions challenging the assessment. en-us Tue, 24 May 1994 00:00:00 +0530 Tue, 10 Nov 2009 13:01:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19868 The court upheld the Commissioner's order in the case concerning the assessment of capital gains under the Income-tax Act, 1961. The court ruled that the consideration received for the property transfer should not be reduced by the amount paid to discharge the mortgage. It clarified that the mortgage liability cannot be deducted in computing capital gains as it does not qualify as a cost of acquisition or improvement. The court emphasized that the payment to the bank was essential for the sale to proceed and dismissed the writ petitions challenging the assessment. Case-Laws Income Tax Tue, 24 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19868