Section 45(iv)

(iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war), then, any profits or gains arising from receipt of such money or other assets shall be chargeabl e to income -tax under the head “Capital gains” and shall be deemed to be the income of such person of the previous year in which such money or other asset was received and for the purposes of section 48, value of any money or the fair market value of other assets on the date of such receipt shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset. Explanation .-For the purposes of this sub -section, the expression “insurer” shall have the meaning assigned to it in clause ( 9) of section 2 of the Insurance Act, 1938 (4 of 1938).] 11[(2) Notwithstanding anything contained in sub -section ( 1), the profits or gains arising from the transfer by way of conversion by the owner of a capital asset int o, or its treatment by him as stock -in- trade of a business carried on by him shall be chargeable to income -tax as his income of the previous year in which such stock -in-trade is sold or otherwise transferred by him and, for the purposes of section 48, the fair market value of the asset on the date of such conversion or treatment shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset.] 12[(2A) Where any person has had at any time during previous year any beneficial interest in any securities, then, any profits or gains arising from transfer made by the depository or participant of such beneficial interest in respect of securities shall be char geable to income -tax as the income of the beneficial owner of the previous year in which such transfer took place and shall not be regarded as