https://www.taxtmi.com/caselaws?id=405066 Sale consideration received on disposal of mortgaged property was treated as accruing to the assessee because the transaction was not shown to be a compelled sale subject to diversion of income by overriding title; the surplus was therefore taxable as long-term capital gain. A write-off arising from settlement of borrower dues in the ordinary course of financing activity and guarantee business was treated as a commercial loss and allowed as business loss. Part of the legal and professional expenses was disallowed because the assessee failed to furnish a satisfactory bifurcation or supporting evidence showing exclusive business use, and the estimated disallowance was sustained. en-us Wed, 10 Mar 2021 00:00:00 +0530 Fri, 12 Mar 2021 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405066 Sale consideration received on disposal of mortgaged property was treated as accruing to the assessee because the transaction was not shown to be a compelled sale subject to diversion of income by overriding title; the surplus was therefore taxable as long-term capital gain. A write-off arising from settlement of borrower dues in the ordinary course of financing activity and guarantee business was treated as a commercial loss and allowed as business loss. Part of the legal and professional expenses was disallowed because the assessee failed to furnish a satisfactory bifurcation or supporting evidence showing exclusive business use, and the estimated disallowance was sustained. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405066