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2007 (7) TMI 243 - HC - Income TaxCapital gains - Property mortgaged to bank – property sold to discharge the loan – tribunal allowed assessee’s appeal holding that bank had an overriding title over the property and the real value - Tribunal was not justified in holding that there was an overriding charge against the sale proceeds of property - hence assessee was liable for capital gains in respect of Rs 1,50,000 paid to bank in discharge of loan taken – tribunal order set aside – it is a case of application of income received
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