https://www.taxtmi.com/caselaws?id=27377 Balancing charge on acquisition of an electricity supply undertaking was taxable under section 41(2) of the Income-tax Act, 1961 in the year the compensation became due. The court treated the date of ascertainment of the compensation, not the earlier takeover date, as the decisive point for chargeability, because the amount was undetermined when the undertaking was acquired and was fixed only in the previous year relevant to assessment year 1966-67. The argument that taxability should follow the year of sale under the repealed law was rejected. The balancing charge was therefore includible in total income for assessment year 1966-67. en-us Fri, 02 Mar 1984 00:00:00 +0530 Fri, 12 Feb 2010 13:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27377 Balancing charge on acquisition of an electricity supply undertaking was taxable under section 41(2) of the Income-tax Act, 1961 in the year the compensation became due. The court treated the date of ascertainment of the compensation, not the earlier takeover date, as the decisive point for chargeability, because the amount was undetermined when the undertaking was acquired and was fixed only in the previous year relevant to assessment year 1966-67. The argument that taxability should follow the year of sale under the repealed law was rejected. The balancing charge was therefore includible in total income for assessment year 1966-67. Case-Laws Income Tax Fri, 02 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27377