1997 (2) TMI 8

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..... n these appeals, the appellants (assessees) had received compensation from the insurers under 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 d .....

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..... ompany pays for the total loss or damage of the property and takes over the property or whatever is left of it there is no transfer for the purpose of capital gain under section 45 of the Income-tax Act. This matter is thus fully covered by the said decision of this court reported in Vania Silk Mills P. Ltd. v. CIT [1991] 191 ITR 647. For the reasons given in the said judgment, the appeals are all .....

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