PRINCIPAL COMMISSIONER OF INCOME TAX -3, KOLKATA vs. M/S. ITC LIMITED

Appeal is allowed to the extent indicated

Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ

gain arising from the transfer of a long-term capital asset;” Section 2 (47) of The Income Tax Act 1961:- “(47) “"transfer", in relation to a capital asset, includes,— (i) the sale, exchange or relinquishment of the asset ; or Page 53 of 77 (ii) the extinguishment of any rights therein ; or (iii) the compulsory acquisition thereof under