Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)13ITD800(Delhi)
..... and not by any operation of any transaction which amounted to sale, exchange, relinquishment, transfer of a capital asset or extinguishment of any rights in capital assets. but for section 46(2) of the act, it would not have been possible to charge tax under the head 'capital gains' on the money or other ..... was no constructive delivery of possession since the tenants had not attorned to the intending purchasers ; and held that there was no relinquishment or extinguishment of the right in the property by the assessee within the meaning of section 2(47) and no capital gains arose during the previous year relevant to the ..... v. cit  57 itr 185 at p. 192 their lordships of the supreme court observed that before section 12b of the indian income-tax act, 1922 ('the 1922 act') can be attracted, title must pass to the company by any of the modes mentioned in section 12b, i.e., sale, exchange or transfer. ..... pradesh v. mohd. ashrafuddin air 913. the word held by an assessee in the definition of capital asset in in section 2(42a) of the 1922 act include physical, actual, constructive and also symbolic possession of any property of any kind.reference may be made to the ratio of decision in the case ..... . the question was whether the assessee was entitled to depreciation on the flour mill for that the assessment year under section 10(2)(vi) of the 1922 act. the court held that the words 'being the property of the assessee' appearing in section 10(2)(vi) had the same meaning as the words .....Tag this Judgment!
Court : US Supreme Court
..... the introduction of a supply of wholesome water into said city, to be used for domestic purposes and the extinguishment of fires," this last agreement was fully page 141 u. s. 74 confirmed, and all the rights, powers, privileges, and immunities granted by the acts of december 20, 1820, and december 25, 1837, not inconsistent with the terms of such agreement, were ..... thereof, with an adequate supply of water for domestic, sanitary, and municipal purposes." "sec. 11. that said corporation shall have and enjoy the exclusive right of conducting and bringing water from any point other than three-mile creek in the county of mobile for the supply of said port of mobile and village of whistler, for the period of twenty years from ..... stein, his executors, administrators, and assigns, were given power to collect and receive these rates, and "power and authority to conduct the water from any part of the 'three-mile creek,' so called, so that the same may be good and wholesome, he, the said albert stein, his executors, administrators, or assigns, procuring at his or their expense the necessary ground ..... the purpose," and that "it has also been represented that certain individuals have agreed to associate themselves together for the purpose of conducting a supply of water from a creek called 'three-mile creek,' otherwise 'bayou chatogue,' for the use of the citizens and other persons residing in the city of mobile." in consequence of these representations, certain named persons were constituted .....Tag this Judgment!
Court : Gujarat
Reported in : 128ITR1(Guj)
..... 55% of the dues with interest was backed up by sufficient consideration. mr. patel, therefore, submitted that this was a case of novatio by which new rights were created, old right were extinguished and the new rights were based on adequate consideration. 10. in order to resolve the aforesaid controversy, it is necessary to look at certain decisions of which both the sides placed ..... that 'transfer', in relation to a capital asset, includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition there under any law. section 48 of the act provides for the mode of computation of and deductions from capital gains and states that 'the income chargeable under the head 'capital gains' shall be computed ..... of assets of a company, which had gone into voluntary liquidation, amongst its shareholders, would amount to sale, exchange relinquishment or transfer within the meaning of s. 12b of the act of 1922, as amended in 1956, was considered by that court in the case of madurai mills : 89itr45(sc) . while answering that question in the negative, the court held that ..... the act of the liquidator in distributing the assets of the company which had gone into voluntary liquidation did not result in the creation of new rights. it merely entailed recognition of .....Tag this Judgment!
Court : Gujarat
Reported in : AIR1966Guj149
..... amounted to a stipend or a pension in terms of money and therefore the grant tinder the sanad had nothing to do with the land or land revenue and the act extinguishing the rights to such a pension would not fall under any of the entries in list ii or iii of the seventh schedule to the constitution and was, therefore, beyond the ..... as provided therein, i.e. to pay the income of the villages in perpetuity. this contention cannot be accepted at least on two grounds, (1) that what the act does is to extinguish the rights granted under the sanad de hors the sanad and does not resume the grant, and (2) that it cannot be seriously argued that the sanad precludes the state ..... in the ninth schedule mr inshi's argument was that it was also nol covered by article 31a as the right in question was not a right in an estate. we have, however, already held that the rights which are extinguished by the impugned act are rights in or relating to an estate within the meaning of the land revenue code and, therefore, the impugned legislation ..... alienee. section 18 provides that if any person is aggrieved by the provisions of the act as abolishing, extinguishing or modifying any of his rights to, or interest in, properly and if compensation for such abolition, extinguishment or modification has not been provided for in the provisions of the act, such person may apply to the collector for compensation, and the collector, after holding a .....Tag this Judgment!
Court : Karnataka
Reported in : (1984)40CTR(Kar)163; 151ITR368(KAR); 151ITR368(Karn)
..... transfer.' the above observations, though made in the context of section 12b of the act of 1922 which related to capital gains in respect of profits or gains arising from sale, exchange, relinquishment or transfer of capital assets, in our opinion, would also cover the case of extinguishment of any rights in capital assets.' 17. from these two decisions of the supreme court, it ..... assets of the said company. the question arose whether the amount received by the assessee was a consideration for extinguishment of the rights of the assessee and whether it could be considered as a transfer within the meaning of s. 2(47) of the act. the gujarat high court held that what the assessee received was not a consideration [see cit v. amin ..... by operation of any transaction which amounts to sale, exchange, relinquishment of the asset or extinguishment of any rights in the capital assets. 18. what then would be the position, if under a scheme of amalgamation approved by the high court under s. 394 of the companies act, a shareholder receives some shares or some shares coupled with some debentures and bonds from ..... the meaning of s. 2(47) of the act and, if so, whether the assessee got shares, debentures and redeemable bonds from the icds as consideration for that transfer. 10. section 2(47) : ''transfer', in relation to a capital asset, includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition thereof under any .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1976SC1935a; 105ITR92(SC)
..... to presently, we may begin an incisive understanding of the explanation 2 aforesaid. the spirit thereof is obvious. the framers of the act desired by a deeming provision regarding 'disposition' to cover extinguishments of debts and all other rights at the expense of and made by the deceased in favour of the beneficiary. the substantive definition of 'property' in section 2( ..... green's construction of the identical expression in the english act (section 45(2)). the learned author writes:a disclaimer is an extinguishment of a right for this purpose. although in the event the person disclaiming never has any right in the property, he has the right to obtain it; this inchoate right is a 'right' for the purposes of secton 45(2). the ejusdem ..... word 'deemed'. if this be so, only three actual facts are expressed to be necessary in order to involve the hypothetical situation, (1) the existence of a right, (2) its extinguishment (3) its extinguishment at the expense of the deceased. when those three facts concur the hypothesis goes into action, and the hypothesis is that these facts are equivalent to a disposition ..... made by, the deceased in favour of the person for whose benefit the right was extinguished. these words, in my opinion, all form part of the hypothesis and the concluding words are necessary to define the hypothetical disponee.the conventional construction of 'disposition' has .....Tag this Judgment!
Court : Kerala
Reported in : AIR1974Ker28
..... , if any, thereon and that no person shall be entitled to any amount other than the compensation payable under this section for the vesting in the government or extinguishment of his rights (including his rights in respect of growing crops and improvements, if any) in respect of the land.'there are other amendments made by the amending apt of 1972, but they are ..... , if any. thereon and that no person shall be entitled to any amount other than the compensation payable under this section for the vesting in the government or extinguishment of his rights, (including his rights in respect of growing crops and improvements, if any), in respect of the land.' the effect of these amendments, as far as the petitioner and his lands are ..... has been agitated in these writ petitions is whether the amendments noticed earlier can be supported as a 'law relating to the acquisition of any estate or rights therein or the extinguishment or modification of such rights' as a measure of agrarian reform. if so, they are protected under article 31a: if not, it was not disputed that the amendments are unconstitutional and ..... lands held by a trespasser, or by one in unlawful occupation of the land. acquisition of such person's rights cannot be acquisition of rights in an estate, or even extinguishment or modification of such rights. it may be noted that section 2 (59) of the act defined the expression 'to hold land', as to be in possession as owner or tenant or partly as .....Tag this Judgment!
Court : Gujarat
Reported in : 107ITR300(Guj)
..... much more than what it signifies. the word 'therein' undoubtedly refers to the capital asset mentioned earlier in the definition and what the expression ' extinguishment of any rights therein' contemplates is extinguishment of any rights in the capital asset. but the definition nowhere indicates that where the capital asset consists of incorporeal property such as a chose-in-action and the ..... it follows from the foregoing discussion that the legislature, in order to effectuate its intention, has deliberately chosen the language of widest amplitude by using the expression 'the extinguishment of any rights therein' in section 2(47), it covers every possible transaction which results in the destruction, annihilation, extinction, termination cessation or cancellation, by satisfaction or otherwise, of ..... d. desai, j. 1. an interesting question as to the true interpretation of the expression 'the extinguishment of any rights therein', that is, in a capital asset, occurring in section 2(47) of the income-tax act, 1961 (hereinafter referred to as ' the act'), which defines the word 'transfer' used in section 45 and other cognate sections, arises in this reference ..... court in vadilal soda ice factory's case : 80itr711(guj) in the context of the word 'transfer' in section 12b(1) of the 1922 act as reintroduced by the finance (no. 3) act, 1956, and the relevant observations are as under (at page 718):'since the word 'transfer' standing by itself is a comprehensive word, it would include .....Tag this Judgment!
Court : Punjab and Haryana
Reported in : AIR1974P& H162
..... said result accrues on the basis that the said land continued to be a part of the estate at the time the act came into force. that apart, the section is a part of the act designed to extinguish or modify the rights in an estate, and the power conferred on a collector to cancel a transfer of any land in an estate is ..... rent to the landowner. an argument was, therefore, raised that the said act did not have the effect o either extinguishing or modifying any rights in any estate and even then the act was held to be valid on the ground that it modified certain rights of the landowner. the present act extinguishes the rights of the landholder in the area declared surplus and enjoins upon the government ..... settling his lands on any terms and to any one he chooses; (2) it modifies, if it does not altogether extinguish, his right to cultivate the 'surplus area' as understood under he act; and (3) it modifies his right of transfer in so far as it obliges him to sell lands not at his own price but at a piece fixed under the statute ..... which is to vest in the state government to be utilised in the manner provided in section 11 of the act. such lands are 'estates' as defined in article 31a(2)(a) of the constitution and any legislation or extinguishment or modification of any rights therein will be immune from any attack on the ground that it abridges or takes away the fundamental .....Tag this Judgment!
Court : Kolkata
Reported in : 206ITR152(Cal)
..... head 'capital gains', long-term or short-term. the extinction or loss of the asset does not fall within the import of the expression 'extinguishment of the rights' occurring in section 2(47). for the reasons aforesaid, we answer both questions nos. 1 and 2 arising from r. a. no. ..... the letter from the commissioner of payments that nothing could be paid to the trust for the debenture-stock held by it, there was extinguishment of the right of the assessee in the capital stock. the tribunal, accordingly, held that the assessee suffered long-term capital loss of rs. 1 ..... of the assessee in the debenture-stock held by it in messrs. braithwaite and co. (i.) ltd., within the meaning of section 2(47) read with section 45 of the income-tax act, 1961, uponthe receipt of the letter ..... act, 1961, in respect of the capital gains of rs. 23,79,538 on the sale of shares ?' r. a. no, 1476/(cal) of 1986 : '(1) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that there was extinguishment of the right ..... act, 1961. the action of the revenue was upheld by the gujarat high court but the said decision of the gujarat high court was reversed by the supreme court, which held that the definition in section 2(47) necessarily implies the existence of the assets and of a transferee, according to the rule of noscitur a sociis. the expression 'extinguishment of any rights .....Tag this Judgment!