https://www.taxtmi.com/caselaws?id=283706 Sale proceeds from a residential property offered as collateral security remained includible in capital gains computation, because the property continued to be the assessee's capital asset and the bank's receipt of the proceeds was only a discharge of debt. The sale of the property and the utilisation of the consideration to clear the company's dues were treated as separate transactions, and no pre-existing overriding title in favour of the bank over the sale consideration was established. On that basis, the plea of diversion by overriding title failed and the capital gains were computed on the full sale consideration. en-us Thu, 27 Apr 2017 00:00:00 +0530 Mon, 07 Oct 2019 21:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283706 Sale proceeds from a residential property offered as collateral security remained includible in capital gains computation, because the property continued to be the assessee's capital asset and the bank's receipt of the proceeds was only a discharge of debt. The sale of the property and the utilisation of the consideration to clear the company's dues were treated as separate transactions, and no pre-existing overriding title in favour of the bank over the sale consideration was established. On that basis, the plea of diversion by overriding title failed and the capital gains were computed on the full sale consideration. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283706