Section 49

Income Tax Case Laws, Section 45, Section 47, Section 49, Section 55

Calcutta H.C : if the mortgage had been created by the previous owner and the assessee after inheriting the same had discharged the mortgage debt, the amount paid by the assessee for the purpose of clearing off the mortgage could be claimed as a part of cost of acquisition under Section 48 and Section 49 read with Section 55(2)

High Court Of Calcutta CIT vs. Aditya Kumar Jajodia Section 55(1)(b)(2)(ii), 45, 47, 49 Sanjib Banerjee & Abhijit Gangopadhyay, JJ.

Section 48, Section 49

Delhi H.C : Whether, on the facts and in the circumstances of the case, the assets recovered by virtue of the decree of the High Court dt. 29th June, 1967, was in satisfaction of the loan of Rs. 5,00,000 inclusive of interest allegedly due to the assessee from the partnership and it became a part of the stock-in-trade of the assessee?

High Court Of Delhi Delhi Safe Deposits Co. vs. CIT Sections 48, 49 Asst. Year 1968-69, 1970-71 B.C. Patel, C.J.

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