https://www.taxtmi.com/caselaws?id=28884 Capital gains were not attracted on the nationalisation of the insurance business, the Court applying the earlier binding decision and accepting that no capital gains accrued to the assessee. By contrast, the right to refund of tax deducted at source on interest on securities belonging to the controlled business after the appointed day was treated as an asset appertaining to that business and, under section 7 of the Life Insurance Corporation Act, 1956, vested in the Corporation rather than in the assessee. The Court also rejected the contention that income-tax authorities could not incidentally determine entitlement to the refund. en-us Wed, 10 Feb 1982 00:00:00 +0530 Mon, 08 Mar 2010 13:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28884 Capital gains were not attracted on the nationalisation of the insurance business, the Court applying the earlier binding decision and accepting that no capital gains accrued to the assessee. By contrast, the right to refund of tax deducted at source on interest on securities belonging to the controlled business after the appointed day was treated as an asset appertaining to that business and, under section 7 of the Life Insurance Corporation Act, 1956, vested in the Corporation rather than in the assessee. The Court also rejected the contention that income-tax authorities could not incidentally determine entitlement to the refund. Case-Laws Income Tax Wed, 10 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28884