2000 (12) TMI 73

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.... have been referred to this court at the instance of the assessee which are : "(1) Whether, on the facts and in the circumstances of the case, the assessee is liable to capital gains tax in respect of the amount of Rs. 80,000 received from the insurance company on February 18, 1977, on the loss of Boat No. T. U. 87 ? and (2) Whether the Tribunal was right in law in holding that there was a t....

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....he Income-tax Officer did not accept the contention of the assessee. On appeal, the order of the assessing authority was confirmed and the contentions raised by the assessee were not accepted. The assessee's appeal to the Tribunal was also rejected, and in the said circumstances, these questions are referred to us. Learned counsel for the appellant has contended that the amount realised by the ....

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....r their transfer in order to attract the provisions of section 45. If it was not, and was on account of the destruction or loss of the asset, it was not a transfer and did not attract the provisions of section 45 which related to transfer and not to mere extinguishment of a right. Hence, an extinguishment of right not brought about by transfer was outside the purview of section 45. (ii) That in....