Taxpayer Allowed Deduction for Expenses to Clear Property Title u/s 48(i) of Income Tax Act.

Taxpayer Allowed Deduction for Expenses to Clear Property Title u/s 48(i) of Income Tax Act. https://www.taxtmi.com/highlights?id=62090 Deduction u/s 48(i) - expenditure incurred wholly and exclusive in connection with the transfer of Long Term Capital Asset - In the facts of the present case, undisputedly, the payment made by the assessee is certainly for removing encumbrance and perfecting the title over the property sold. Otherwise, the transaction would have failed. - Claim u/s 48(i) allowed - AT en-us Wed, 23 Feb 2022 08:28:30 +0530 Wed, 23 Feb 2022 08:28:30 +0530 TaxTMI RSS Generator Taxpayer Allowed Deduction for Expenses to Clear Property Title u/s 48(i) of Income Tax Act. https://www.taxtmi.com/highlights?id=62090 Deduction u/s 48(i) - expenditure incurred wholly and exclusive in connection with the transfer of Long Term Capital Asset - In the facts of the present case, undisputedly, the payment made by the assessee is certainly for removing encumbrance and perfecting the title over the property sold. Otherwise, the transaction would have failed. - Claim u/s 48(i) allowed - AT Highlights Income Tax Wed, 23 Feb 2022 08:28:30 +0530 https://www.taxtmi.com/highlights?id=62090