Chennai Court September 1976 Judgments

West Coast Electric Supply Corporation Ltd. and anr. Vs. Commissioner ...

Court: Chennai

Reported in: [1977]107ITR483(Mad)

Sethuraman, J.1. In both these cases the Tribunal has made reference under section 256(1) of the Income-tax Act, 1961, raising the following questions : T.C. No. 175/71 :'(1) Whether, on the facts and in the circumstances of the case, the decision of the Tribunal in holding that the compulsory acquisition by the Kerala Government of the Cannanore Tellicherry Electric Supply Undertaking of the assessee under the Madras Electricity Supply Undertakings (Acquisition) Act is a transfer liable to capital gains tax under Section 12B of the Indian Income-tax Act, 1922, is correct in law ? (2) Whether, on the facts and in the circumstances of the case, the decision of the Tribunal that where an undertaking as a going concern is compulsorily acquired by the Government, the said undertaking would constitute capital asset within the meaning of Section 12B of the Indian Income-tax Act, 1922, is correct in law ?' T.C. No. 177/71 : '(1) Whether, on the facts and in the circumstances of the case, the ...