https://www.taxtmi.com/caselaws?id=59664 The Tribunal ruled in favor of the assessees, allowing the deduction of the payment to Miss Usha Bolinjkar from the gross sale proceeds. It found that the payment was necessary to clear an encumbrance on the property and should be considered a deductible expenditure for computing capital gains. Additionally, the Tribunal upheld the exemption under Section 54, noting that the conditions were met. It criticized the CIT(A) for enhancing the assessment without proper notice and directed that individual members, not a Body of Individuals, should be assessed for the transaction. en-us Fri, 05 Dec 2003 00:00:00 +0530 Fri, 15 Jun 2012 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59664 The Tribunal ruled in favor of the assessees, allowing the deduction of the payment to Miss Usha Bolinjkar from the gross sale proceeds. It found that the payment was necessary to clear an encumbrance on the property and should be considered a deductible expenditure for computing capital gains. Additionally, the Tribunal upheld the exemption under Section 54, noting that the conditions were met. It criticized the CIT(A) for enhancing the assessment without proper notice and directed that individual members, not a Body of Individuals, should be assessed for the transaction. Case-Laws Income Tax Fri, 05 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59664