{"id":7903,"date":"2019-10-18T05:47:24","date_gmt":"2019-10-18T05:47:24","guid":{"rendered":"http:\/\/itatonline.org\/digest\/perfect-thread-mills-ltd-v-dcit-tm-mumtrib-www-itatonline-org\/"},"modified":"2020-03-19T12:52:35","modified_gmt":"2020-03-19T12:52:35","slug":"perfect-thread-mills-ltd-v-dcit-tm-mumtrib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/perfect-thread-mills-ltd-v-dcit-tm-mumtrib-www-itatonline-org\/","title":{"rendered":"Perfect Thread Mills Ltd. v. DCIT ( 2019) 183 DTR 25 \/ 202 TTJ 1\/ (2020) 77 ITR 603\/ 181 ITD 1( TM )(Mum)(Trib)  www.itatonline.org"},"content":{"rendered":"<p><strong>There was difference of opinion\u00a0 on the allowability of loan liability of mortgaged property is allowable deduction or not . The matter was referred\u00a0 to\u00a0 third member . Third member held that the payment towards discharge of outstanding loan liability out of the sale proceeds of mortgaged property is a mere application of income and not a diversion of sale proceeds by overriding title. The assessee cannot claim such application as deduction for the purpose of computing Capital Gain in terms of s. 48 of the Act. The legal position prevailing prior to SARFAESI Act is also germane even after the enactment of SARFAESI Act <\/strong><strong>\u00a0<\/strong>( ITA No. 4964\/Mum\/2013, dt. 05.09.2019)(AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 48: Capital gains-  Loan liability of mortgaged property \u2013 Doctrine of over-riding title- Not deductible from sale consideration  while computing the capital gains .[ S. 4,45, 47(xii), 48(1), SAFAESI ACT ,2002 , S.13  ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7903","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-23t","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7903"}],"version-history":[{"count":5,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7903\/revisions"}],"predecessor-version":[{"id":10496,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7903\/revisions\/10496"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}