https://www.taxtmi.com/caselaws?id=402194 The High Court ruled against the Assessee in a Tax Case, affirming the Tribunal's decision that direct payment of sale consideration to the bank does not exempt from capital gains tax. The Court emphasized that expenses must be directly related to the transfer to be deductible. Additionally, clearing mortgage debt before property transfer does not entitle owners to claim deductions under the Income-tax Act. The Court cited precedents and upheld the Tribunal's decision, ultimately ruling in favor of the Revenue and denying any costs to the Assessee. en-us Mon, 21 Dec 2020 00:00:00 +0530 Sat, 20 Feb 2021 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402194 The High Court ruled against the Assessee in a Tax Case, affirming the Tribunal's decision that direct payment of sale consideration to the bank does not exempt from capital gains tax. The Court emphasized that expenses must be directly related to the transfer to be deductible. Additionally, clearing mortgage debt before property transfer does not entitle owners to claim deductions under the Income-tax Act. The Court cited precedents and upheld the Tribunal's decision, ultimately ruling in favor of the Revenue and denying any costs to the Assessee. Case-Laws Income Tax Mon, 21 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402194