TaxTMI 
TaxTMI 
2001 (10) TMI 5
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....the High Court's view, did not arise for consideration: "1. Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was correct in holding that the amount realised by the sale of the assessee's interest in the property was only Rs.4,33,960 i.e., Rs.5,62,980 minus Rs.1,29,020? 2. Whether on the facts and in the circumstances of the case and in law, the Appella....
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....rty sold and capital gains be computed only with reference to the price realised towards his interest with property?" The Revenue is in appeal by certificate. The assessee has been served but has not chosen to put in an appearance. The assessment year with which we are concerned is the assessment year 1982-83. The assessee carried on abkari business. In the course of the financial year 1970-....
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....assessee, the sum of Rs.1,29,020 due by him to the State on account of "kist" was required to be deducted from the amount of Rs.5,57,980 realised at the auction before computing the capital gain. According to him, the capital gain was only Rs.85,130. Neither the Income-tax Officer nor the appellate authority agreed with the assessee and the assessee went up in further appeal to the Income-tax Appe....
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....immovable property was mortgaged to the State. Thereby, an interest in the property was created in favour of the State. When the immovable property was sold by public auction, its value had to be reduced to the extent of the interest that was created in favour of the State by reason of the mortgage. We are of the view that the Tribunal and the High Court were in error. What was sold by the State ....