Section 48 applies only when expenses are ‘wholly and exclusively” for property

Brief of the Case In the present facts of the Case the Hon’ble High Court while interprating section 48 held that while calculating Capital gain the expenses made will only be considered if it is made “wholly or exclusive” for that property. Also, the Hon’ble High Court held that The Hon’ble Tribunal was right in taking into consideration of the Judgement of Jurisdictional High Court. Facts of the Case The appellant in this case sold land along with building for Rs.75 Lakhs. The appellant had taken mortgage loan on the said property from Bank. For clearing the mortgage, the appellant...