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1 - 10 of 13 (0.30 seconds)Section 41 in The Income Tax Act, 1961 [Entire Act]
Section 56 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 48 in The Income Tax Act, 1961 [Entire Act]
Finance Act, 1999
The United Commercial Bank ... vs The Commissioner Of Income-Tax,West ... on 23 May, 1957
"Learned counsel for the Revenue submitted that having held that the
payment in settlement of the insurance claim was not in consideration of
the transfer to the insurer of the damaged machinery and that, therefore,
there was no transfer within the meaning of section 45, it was unnecessary
for this court in Vania Silk Mills Pvt. Ltd.'s case, [1991] 191 ITR 647 to go
on to consider the definition in section 2(47) and the meaning to be
attached to the expression 'extinguishment of any rights therein'.
Income Tax Rules, 1962
Section 2 in The Insurance Act, 1938 [Entire Act]
Commissioner Of Income Tax Gujarat-Ii, ... vs R.M. Amin on 26 November, 1976
7. The High Court, as stated earlier, read the expression
"extinguishment of any rights" in the assets as any extinguishment of
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9 July 2025
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Neeta Sawant ITXA-541-2003+3 others-FC
right whether it resulted in or was on account of transfer. For the
reasons which we have discussed earlier we find that that approach is
not correct. For the same reasons, we are unable to accept the
reasoning of the High Court that for "transfer" within the meaning of
Section 45 the asset need not exist. We are afraid that the High Court's
reliance on CIT v. R.M. Amin [(1971) 82 ITR 194 (Guj)] to hold that for
the transfer contemplated by Section 45, the asset need not exist is not
well merited. There, the High Court was concerned with a chose-in-
action, viz., the shares, and the amount received by the assessee-
shareholder on liquidation of the company representing his share in
the assets of the company. The Court there had pointed out that the
extinguishment of right of the assessee shareholder in his share which
was an incorporeal property had come about on account of receipt by
him of the amount representing the value of the shares.