1997 (2) TMI 8

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er policies for insurance against fire and the question that was referred for the opinion of the High Court (see [1981] 129 ITR 661) was whether there was a "transfer" as defined in section 2(47) of the Income-tax Act, 1961, and the excess sum of compensation after deducting the original cost of the assets destroyed by fire had been properly brought to tax as capital gains under section 45 of the ....