https://www.taxtmi.com/caselaws?id=303718 Service charges paid under a family arrangement were examined for genuineness, overriding title, and deductibility in computing capital gains. The Tribunal treated the mother's agreement as valid and operative in its second part when the contemplated outright sale did not occur, and accepted that the assessee inherited the related obligation. It found the compensation first accrued to the assessee, so the later payment was application of income rather than diversion by overriding title, but also concluded that the amount was genuinely incurred under a valid obligation in connection with the transfer proceedings and was therefore allowable as expenditure connected with the transfer. en-us Wed, 28 Sep 2011 00:00:00 +0530 Mon, 08 Aug 2022 10:36:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303718 Service charges paid under a family arrangement were examined for genuineness, overriding title, and deductibility in computing capital gains. The Tribunal treated the mother's agreement as valid and operative in its second part when the contemplated outright sale did not occur, and accepted that the assessee inherited the related obligation. It found the compensation first accrued to the assessee, so the later payment was application of income rather than diversion by overriding title, but also concluded that the amount was genuinely incurred under a valid obligation in connection with the transfer proceedings and was therefore allowable as expenditure connected with the transfer. Case-Laws Income Tax Wed, 28 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303718