No section 48 deduction for clearing off mortgage created by assessee prior to transfer of land

Tmt.T.A.H.Zubaida Ummal Vs ITO (Madras High Court) Conclusion: Where the mortgage had been created by the owner after he had acquired the property, the clearing of the mortgage by him prior to the transfer of the property would not entitle him to claim deduction under Section 48 because, in such a case he did not acquire any interest in the property subsequent to his acquiring the same. Held: The issue arose for consideration was whether Tribunal was right in not appreciating that no part of the consideration for sale was received by assessee and same was . directly paid to the Bank by the pur...