COMMISSIONER OF INCOME-TAX versus HADE NAVIGATION (P.) LTD.
The Indian Income Tax Act, 1961, transfer of the right to transfer of assets in capital is not distinguishable between the compensation received and the cost of the asset when the ship is destroyed. Capital gains the Indian Income Tax Act, 1961, section. 2 (47) and 45 [Banarasidas Benoit & Sons v CIT (1981) 129 ITR 488 (MP) and Shahdara (Delhi) Saharanpur Light Railway Co Ltd v CIT (1994) 208 ITR 882 ( Cal)
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