https://www.taxtmi.com/caselaws?id=774040 The Tribunal dismissed the assessee's appeal regarding capital gains taxation from compulsory land acquisition. The assessee argued that sale proceeds were diverted to discharge a sister concern's overdraft liability under overriding title principle, citing CIT v. Smt. Thressiamma Abraham. However, the Tribunal found the proceeds were first credited to assessee's account before transfer to sister concern's overdraft account, distinguishing it from the cited precedent where bank directly appropriated proceeds. The Tribunal held this constituted application of income, not diversion by overriding title, making capital gains taxable in assessee's hands. en-us Mon, 26 May 2025 00:00:00 +0530 Wed, 02 Jul 2025 08:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774040 The Tribunal dismissed the assessee's appeal regarding capital gains taxation from compulsory land acquisition. The assessee argued that sale proceeds were diverted to discharge a sister concern's overdraft liability under overriding title principle, citing CIT v. Smt. Thressiamma Abraham. However, the Tribunal found the proceeds were first credited to assessee's account before transfer to sister concern's overdraft account, distinguishing it from the cited precedent where bank directly appropriated proceeds. The Tribunal held this constituted application of income, not diversion by overriding title, making capital gains taxable in assessee's hands. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774040