https://www.taxtmi.com/caselaws?id=387714 Where the assessee itself created the mortgage and the secured creditor sold the asset under SARFAESI to recover dues, the amount appropriated towards repayment of the self-created principal liability was not deductible under section 48 because it was neither cost of acquisition nor expenditure incurred in connection with transfer. The bank's realisation of sale proceeds also did not amount to diversion of income by overriding title, as SARFAESI enforcement did not transfer beneficial ownership to the bank and the amount remained discharge of the assessee's own obligation. The capital gains computation therefore included the adjusted amount, and the plea for exclusion failed. en-us Thu, 05 Sep 2019 00:00:00 +0530 Mon, 17 Feb 2020 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387714 Where the assessee itself created the mortgage and the secured creditor sold the asset under SARFAESI to recover dues, the amount appropriated towards repayment of the self-created principal liability was not deductible under section 48 because it was neither cost of acquisition nor expenditure incurred in connection with transfer. The bank's realisation of sale proceeds also did not amount to diversion of income by overriding title, as SARFAESI enforcement did not transfer beneficial ownership to the bank and the amount remained discharge of the assessee's own obligation. The capital gains computation therefore included the adjusted amount, and the plea for exclusion failed. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387714