M/S FIBRE BOARDS (P) LTD BANGALOARE vs. CIT BANGALORE

31 of the impugned judgment) 38. We are of the view that the aforesaid construction of Section 54G would render nugatory a vital part of the said 38 Page 39 JUDGMENT Section so far as the assessee is concerned. Under sub- section (1), the assessee is given a period of three years after the date on which the transfer takes

COMMNR.,CENTRAL EXCISE & CUSTOMS, KERALA vs. M/S. LARSEN & TOUBRO LTD

Appeals are disposed of

Capital gains”. Section 45 is a charging section. For the purpose of imposing the charge. Parliament has enacted detailed provisions in order to compute the profits or gains under that head. No existing principle or provision at variance with them can be applied for determining the chargeable profits and gains. All transactions encompassed by Section 45 must fall under