1994 (11) TMI 45

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....y T. L. VISWANATHA IYER J.--Two questions have been referred for the opinion of this court at the instance of the assessee, namely : " (1) Whether the Tribunal was right in law in holding that the sum of Rs. 2,34,270 has been correctly assessed as short-term capital gains in respect of the compensation received from the insurance company for an 8 MVA transformer, which suffered partial damag....

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....rd party. The money received under the insurance policy in such cases was by way of indemnity or compensation for the damage, loss or destruction of the property. It was not in consideration of the transfer of the property or the transfer of any right in it in favour of the insurance company. The payment was made by virtue of the contract of insurance or of indemnity and in terms of the conditions....