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Delhi HC Allows Capital Gains Deduction for Settlement Payment Made to Clear Prior Sale Agreement
Case Law Details
- Case Name
- Kaushalya Devi Vs CIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1994-95
- Courts
- All High Courts, Delhi High Court
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Kaushalya Devi Vs CIT (Delhi High Court)
The Delhi High Court considered an appeal under Section 260A of the Income Tax Act, 1961, concerning Assessment Year 1994-95. The dispute related to whether ₹25,00,000 paid by the assessee to a prospective purchaser under an earlier agreement to sell could be deducted under Section 48(i) while computing long-term capital gains arising from the subsequent transfer of the same property.
The assessee had purchased the immovable property in 1971 for ₹30,000. In 1989, she entered into an agreement to sell the property to Anil Kumar Sharma for ₹15,00,00...
