https://www.taxtmi.com/caselaws?id=39007 Compulsory acquisition of an electricity undertaking by the State was treated as a transfer within section 12B of the Indian Income-tax Act, 1922, because the term "transfer" was wide enough to include transfer by operation of law, not only by agreement. The resulting gains were therefore chargeable to capital gains tax against the assessee. An undertaking acquired as a going concern was also held to be a capital asset under section 12B read with section 2(4A), since "property of any kind" covered a business undertaking. The references were answered in favour of the Revenue. en-us Wed, 01 Sep 1976 00:00:00 +0530 Mon, 12 Apr 2010 10:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39007 Compulsory acquisition of an electricity undertaking by the State was treated as a transfer within section 12B of the Indian Income-tax Act, 1922, because the term "transfer" was wide enough to include transfer by operation of law, not only by agreement. The resulting gains were therefore chargeable to capital gains tax against the assessee. An undertaking acquired as a going concern was also held to be a capital asset under section 12B read with section 2(4A), since "property of any kind" covered a business undertaking. The references were answered in favour of the Revenue. Case-Laws Income Tax Wed, 01 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39007