https://www.taxtmi.com/caselaws?id=423309 A self-created mortgage discharged from sale proceeds was treated as an application of income, not a diversion by overriding title, so the amount paid to the bank was not deductible in computing capital gains and the full transfer consideration remained chargeable subject only to statutory deductions. Where the assessee failed to produce books of account for verification, rejection of the declared result and estimation of net profit on a reasonable basis was permissible. The 2.5% turnover estimate was upheld as fair on the facts, and the Revenue's additions were maintained. en-us Mon, 30 May 2022 00:00:00 +0530 Fri, 03 Jun 2022 13:01:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423309 A self-created mortgage discharged from sale proceeds was treated as an application of income, not a diversion by overriding title, so the amount paid to the bank was not deductible in computing capital gains and the full transfer consideration remained chargeable subject only to statutory deductions. Where the assessee failed to produce books of account for verification, rejection of the declared result and estimation of net profit on a reasonable basis was permissible. The 2.5% turnover estimate was upheld as fair on the facts, and the Revenue's additions were maintained. Case-Laws Income Tax Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423309