Court Rules Mortgage Repayment Not Deductible u/s 48 for Capital Gains Tax Calculation.

Determination of capital gains - deduction u/s 48 - sale proceeds, to clear the mortgage debt - cost of acquisition - no deduction can be claimed under Section 48 of the Act, even if the said amount had been utilised for repayment of the loan extended by the bank to the company and the firm. - HC .....

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