https://www.taxtmi.com/caselaws?id=36263 The High Court affirmed the Tribunal's decision that the sum of Rs. 4,95,044 received as insurance compensation was taxable as capital gains under section 45 of the Income-tax Act, 1961. The Court held that the compensation was a result of the transfer of the capital asset, as the insurance company took possession of the salvaged property, extinguishing the assessee's rights. The Court referenced legal authorities and previous judgments to support its decision, ultimately ruling in favor of the department. en-us Fri, 07 Dec 1979 00:00:00 +0530 Sat, 20 Mar 2010 13:11:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36263 The High Court affirmed the Tribunal's decision that the sum of Rs. 4,95,044 received as insurance compensation was taxable as capital gains under section 45 of the Income-tax Act, 1961. The Court held that the compensation was a result of the transfer of the capital asset, as the insurance company took possession of the salvaged property, extinguishing the assessee's rights. The Court referenced legal authorities and previous judgments to support its decision, ultimately ruling in favor of the department. Case-Laws Income Tax Fri, 07 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36263