https://www.taxtmi.com/caselaws?id=30868 The High Court of Allahabad ruled against the assessee in a case concerning capital gains from a property sale used to repay a loan. The court held that the entire sale proceeds were taxable as capital gains, rejecting the assessee's claim to deduct the amount paid to clear the loan. The judgment emphasized distinctions in scenarios involving inherited versus created mortgages and discussed the concept of diversion of income by overriding title. Ultimately, the court sided with the Revenue, denying the deduction claim and providing a thorough analysis of legal principles in resolving the capital gains liability issue. en-us Fri, 06 Jul 2007 00:00:00 +0530 Wed, 01 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30868 The High Court of Allahabad ruled against the assessee in a case concerning capital gains from a property sale used to repay a loan. The court held that the entire sale proceeds were taxable as capital gains, rejecting the assessee's claim to deduct the amount paid to clear the loan. The judgment emphasized distinctions in scenarios involving inherited versus created mortgages and discussed the concept of diversion of income by overriding title. Ultimately, the court sided with the Revenue, denying the deduction claim and providing a thorough analysis of legal principles in resolving the capital gains liability issue. Case-Laws Income Tax Fri, 06 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30868