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2005 (3) TMI 73 - HC - Income TaxTransfer of the assets of the assessee - computation of capital gains – assessee contend that expenditure was incurred wholly and exclusively in connection with the transfer and, as such, is allowable under section 48(1) – assessee pointed out that the liability of the Allahabad Bank was an absolute necessity to meet in order to effect the sale and without removing this liability the property could not be sold and, as such, this satisfies the test of being an expenditure incurred wholly and exclusively in connection with the transfer - In this present case, without removing the liability of the Allahabad Bank, the title of the purchaser could not be perfected. Having regard to the facts and circumstances of this case and the position in law as discussed above, the meeting of the liability of the Allahabad Bank relating to the assets of Gobindo Sheet Metal was an expenditure incurred wholly and exclusively in connection with the transfer. – Assessee’s appeal succeeds
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