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VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

C.A. No.-001234-001234 - 2012Supreme Court18 Oct 2016

24 17. Section 45(1) of the 1961 Act speaks about capital gains arising out of “transfer” of a capital asset. The definition of the expression “transfer” is contained in Section 2(47) of the 1961 Act. It has very wide meaning. What is taxable under Section 45(1) of the 1961 Act is “profits and gains arising from