https://www.taxtmi.com/caselaws?id=426188 The Tribunal upheld the CIT(A)'s decision to tax the interest received on compensation under 'Capital Gains' and 'Income from Other Sources' respectively. It allowed the deduction of legal expenses as an expenditure connected with the property transfer. The correct Cost Inflation Index (CII) for the year of compensation receipt was applied. The deduction under Section 54F was permitted. The Tribunal affirmed the diversion of income by overriding title, allowing the deduction for expenses related to the property transfer. The Revenue's appeal was dismissed, and the assessee's appeal was partially allowed. en-us Mon, 18 Jul 2022 00:00:00 +0530 Mon, 08 Aug 2022 21:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426188 The Tribunal upheld the CIT(A)'s decision to tax the interest received on compensation under 'Capital Gains' and 'Income from Other Sources' respectively. It allowed the deduction of legal expenses as an expenditure connected with the property transfer. The correct Cost Inflation Index (CII) for the year of compensation receipt was applied. The deduction under Section 54F was permitted. The Tribunal affirmed the diversion of income by overriding title, allowing the deduction for expenses related to the property transfer. The Revenue's appeal was dismissed, and the assessee's appeal was partially allowed. Case-Laws Income Tax Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426188