https://www.taxtmi.com/caselaws?id=420271 Compensation arising from acquisition of the assessee's land was directed to secured creditors and financial institutions under a pre-existing joint equitable mortgage and High Court directions. Because the amount was deposited and disbursed directly to those creditors, the assessee did not effectively receive that portion as its own income. On that basis, the principle of diversion by overriding title applied and the amount was excluded from taxable capital gains. The alternative objection that it should nevertheless be treated as transfer-related expenditure was not accepted, and the exclusion claim was allowed. en-us Thu, 24 Feb 2022 00:00:00 +0530 Wed, 30 Mar 2022 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420271 Compensation arising from acquisition of the assessee's land was directed to secured creditors and financial institutions under a pre-existing joint equitable mortgage and High Court directions. Because the amount was deposited and disbursed directly to those creditors, the assessee did not effectively receive that portion as its own income. On that basis, the principle of diversion by overriding title applied and the amount was excluded from taxable capital gains. The alternative objection that it should nevertheless be treated as transfer-related expenditure was not accepted, and the exclusion claim was allowed. Case-Laws Income Tax Thu, 24 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420271