Assessment of interim compensation paid to life insurance concerns on nationalisation.

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....d 30th August, 1957, about the assessment of interim compensation paid to life insurance concerns on nationalisation. 2. The Delhi High Court in their Judgment dated the 21st August, 1970 in the case of Lakshmi Insurance Co. (P) Ltd. Vs. Commissioner of Income-tax New Delhi (80 ITR 575) have taken a stand at variance with the Board's above-noted instructions and held that the relevant interim c....

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....e payment received as compensation from the Ministry of Works which was computed by reference to the expectation which if possession had not been taken, the company would have had of deriving a profit from such working. In that case the Court, referred to the decision in Glenboid Union Fire Clay Co. V.I.R.C. (12 T.C. 427) where compensation was paid because the assessee was forbidden to work fire ....