2019 (7) TMI 132

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....ax<br>Mr. Justice T.S. Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Mr.K.G.Usha Rani (in both the cases) JUDGEMENT T.S.SIVAGNANAM, J. These Tax Case Appeals by the Revenue, filed under Section 260-A of the Income Tax Act, 1961, (&#39;the Act&#39; for brevity) are directed against the order passed by the Income Tax Appellate Tribunal, Madras "B" Bench, in I.T.A ....

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....h and Smt Srivally should be assessed as capital gains on sale of the shares? (iii) Whether the ITAT was right in holding that the payment made by the purchaser to the escrow agent was cost of improvement without appreciating that the payment made out of the sale consideration was towards settling of the loan borrowed by one of the directors, Shri Rajesh on 02-05-2008 after entering into ....

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....laikarasi, the assessee company had no liabilities. (vi) Whether the ITAT was justified in confirming the order of the CIT-A by holding that GCIPL had borrowed and the interest incurred was on behalf of the assessee and as such the liabilities were incurred by GCIPL for improving, preserving/protecting the title and the interest paid is an allowable deduction without appreciating that the....

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....ee before the CIT(A) disputing the computation of capital gains under Section 45(2) of the Act. The matter concerned an expenditure of Rs. 8.5 Crores incurred by the assessee for making a property free from encumbrances. The CIT(A) took into consideration the factual aspects that the assessee had to pay a consideration of Rs. 5.5 Crore to one Smt.Tillaikarasi to clear an encumbrance which was crea....