https://www.taxtmi.com/caselaws?id=168705 A long-term lease of mineral and surface rights was treated as a transfer of a capital asset because the term "transfer" in section 12B(1) was read broadly to include creation of an interest in property, not only an absolute conveyance of title. On that basis, capital gains arising from the lease fell within the charging provision. The provision was also upheld as constitutionally valid: in pith and substance, section 12B was characterised as a tax on capital value of assets, and the mode of computation by reference to sale, exchange, or lease did not take it beyond legislative competence. en-us Tue, 19 Oct 1954 00:00:00 +0530 Mon, 23 Mar 2015 17:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168705 A long-term lease of mineral and surface rights was treated as a transfer of a capital asset because the term "transfer" in section 12B(1) was read broadly to include creation of an interest in property, not only an absolute conveyance of title. On that basis, capital gains arising from the lease fell within the charging provision. The provision was also upheld as constitutionally valid: in pith and substance, section 12B was characterised as a tax on capital value of assets, and the mode of computation by reference to sale, exchange, or lease did not take it beyond legislative competence. Case-Laws Income Tax Tue, 19 Oct 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168705