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Repayment of loan isn't deductible from sale consideration of mortgaged assets sold by lender to recover loan

October 3, 2019[2020] 113 384 (Mumbai - Trib.) (TM)

INCOME TAX: Where on account of non-payment of corporate loan as per agreed terms, a charge on mortgaged property was created by assessee himself in terms of section 13(2) of SARFAESI Act, 2002, in such a case, upon sale of property so mortgaged, assessee could not claim deduction of principal amount of loan either as expenditure under section 48 or as 'diversion of income by overriding title'

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