https://www.taxtmi.com/caselaws?id=418722 The Tribunal allowed the appellant's appeal, overturning the assessing officer's disallowance of a deduction claimed under section 48 of the Income Tax Act, 1961. The appellant's payment of Rs. 80 lakhs, as per the High Court-approved consent terms, to clear encumbrances and perfect the title over the property was deemed necessary for the transfer and thus allowable under section 48(i) of the Act. Citing relevant case laws, the Tribunal held that such payments to remove encumbrances essential for the transfer are deductible. The Tribunal ruled in favor of the appellant, deleting the addition made by the assessing officer on 16/12/2021. en-us Thu, 16 Dec 2021 00:00:00 +0530 Wed, 23 Feb 2022 08:28:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418722 The Tribunal allowed the appellant's appeal, overturning the assessing officer's disallowance of a deduction claimed under section 48 of the Income Tax Act, 1961. The appellant's payment of Rs. 80 lakhs, as per the High Court-approved consent terms, to clear encumbrances and perfect the title over the property was deemed necessary for the transfer and thus allowable under section 48(i) of the Act. Citing relevant case laws, the Tribunal held that such payments to remove encumbrances essential for the transfer are deductible. The Tribunal ruled in favor of the appellant, deleting the addition made by the assessing officer on 16/12/2021. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418722