https://www.taxtmi.com/caselaws?id=26038 The court held that the compensation received by the assessee for the destruction of its property rights due to fire constituted a "transfer" under section 2(47) of the Income-tax Act, making it assessable as capital gains under section 45(1) of the Act. The tribunal's decision was in favor of the Revenue, rejecting the argument that destruction by fire did not qualify as a transfer. The court emphasized that the legislative intent behind the definition of "transfer" was broad enough to encompass the extinguishment of rights in a capital asset, even in cases of destruction. en-us Mon, 21 Jul 1986 00:00:00 +0530 Tue, 02 Feb 2010 13:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26038 The court held that the compensation received by the assessee for the destruction of its property rights due to fire constituted a "transfer" under section 2(47) of the Income-tax Act, making it assessable as capital gains under section 45(1) of the Act. The tribunal's decision was in favor of the Revenue, rejecting the argument that destruction by fire did not qualify as a transfer. The court emphasized that the legislative intent behind the definition of "transfer" was broad enough to encompass the extinguishment of rights in a capital asset, even in cases of destruction. Case-Laws Income Tax Mon, 21 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26038