https://www.taxtmi.com/caselaws?id=5564 Insurance compensation received for total loss or damage of fire-affected assets does not amount to a transfer where the insurer takes over the property or its remains. In that situation, the statutory requirement of "transfer" under section 2(47) is not satisfied, so section 45 cannot be used to tax the excess of compensation over original cost as capital gains. The stated principle follows binding precedent and applies the capital gains charge only where a transfer, as defined by the Act, actually occurs. en-us Thu, 13 Feb 1997 00:00:00 +0530 Wed, 26 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5564 Insurance compensation received for total loss or damage of fire-affected assets does not amount to a transfer where the insurer takes over the property or its remains. In that situation, the statutory requirement of "transfer" under section 2(47) is not satisfied, so section 45 cannot be used to tax the excess of compensation over original cost as capital gains. The stated principle follows binding precedent and applies the capital gains charge only where a transfer, as defined by the Act, actually occurs. Case-Laws Income Tax Thu, 13 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5564