https://www.taxtmi.com/caselaws?id=16491 Compulsory acquisition of a transport undertaking under the Tamil Nadu Fleet Operators Stage Carriages (Acquisition) Act was treated as a transfer of identifiable capital assets, not a mere contractual sale. Because the statutory vesting operated by force of law and the compensation was shown to be attributable to specific assets, including buses, land, buildings, permits and spares, the transaction was not characterised as an unallocable slump sale. The excess over written down value was therefore held taxable as balancing charge under section 41(2), and any further surplus was liable to capital gains tax under section 45. en-us Fri, 19 Apr 1996 00:00:00 +0530 Tue, 08 Sep 2009 11:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16491 Compulsory acquisition of a transport undertaking under the Tamil Nadu Fleet Operators Stage Carriages (Acquisition) Act was treated as a transfer of identifiable capital assets, not a mere contractual sale. Because the statutory vesting operated by force of law and the compensation was shown to be attributable to specific assets, including buses, land, buildings, permits and spares, the transaction was not characterised as an unallocable slump sale. The excess over written down value was therefore held taxable as balancing charge under section 41(2), and any further surplus was liable to capital gains tax under section 45. Case-Laws Income Tax Fri, 19 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16491