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TMI Blog1993 (6) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal has referred to this court the following questions at the instance of the assessee: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the consideration which was to be taken into account while computing the capital gains included the compensation for the land acquired, as also the 15 per cent. solatium awarded under the provisions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g as a result of the transfer," as per section 48(1) of the Income-tax Act. We think that to ask that question is to answer it. As per section 45 of the Act, any profits or gains arising from the transfer of a capital asset is chargeable to income-tax under the head "Capital gains", and is deemed to be the income of the previous year in which the transfer took place. The word "transfer" is special ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of compensation and forms part of the consideration actually received or accruing as a result of the "transfer". Neither section 45 nor section 48 of the Income-tax Act speaks of the market value. It speaks of the full value of the consideration actually received or accrued. The only decision to which parties have drawn our attention is the case of Akola Electric Supply Co. Pvt. Ltd. v. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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