https://www.taxtmi.com/caselaws?id=8477 Section 12B of the Indian Income-tax Act, 1922 was interpreted to give "transfer" its plain and natural meaning, distinct from "sale", "exchange" and "relinquishment". Compulsory acquisition of an electricity undertaking under the Madras Electricity Supply Undertakings (Acquisition) Act, 1954 was treated as a transfer by operation of law and not as a category excluded by ejusdem generis. The reasoning was reinforced by the earlier proviso excluding compulsory acquisition and the later 1961 Act amendment, both indicating legislative intent to tax gains arising from such acquisition. On that construction, surplus arising from the compulsory acquisition was liable to capital gains tax. en-us Wed, 25 Aug 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8477 Section 12B of the Indian Income-tax Act, 1922 was interpreted to give "transfer" its plain and natural meaning, distinct from "sale", "exchange" and "relinquishment". Compulsory acquisition of an electricity undertaking under the Madras Electricity Supply Undertakings (Acquisition) Act, 1954 was treated as a transfer by operation of law and not as a category excluded by ejusdem generis. The reasoning was reinforced by the earlier proviso excluding compulsory acquisition and the later 1961 Act amendment, both indicating legislative intent to tax gains arising from such acquisition. On that construction, surplus arising from the compulsory acquisition was liable to capital gains tax. Case-Laws Income Tax Wed, 25 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8477