That section, leaving out those parts which are not relevant for our purposes, ran as follows : " section 12B Capital gains (1) The tax shall be payable by an assessee under the head "capital gains" in respect of any profits or gains arising from the sale, exchange or transfer of a capital asset effected after the 31st day of March, 1946, and before the 1st day of April, 1948; and such profits and gains shall be deemed to be income of the previous year in which the sale, exchange or transfer took place: Provided further that any transfer of capital assets by reason of the compulsory acquisition thereof under any law for the time being in force relating to the compulsory acquisition of property for public purposes or any distribution of capital assets, on the total or partial partition of a Hindu undivided family, or on the dissolution of a firm or other association of persons, or on the liquidation of a company, or under a deed of gift, bequest, will or transfer on irrevocable trust shall not, for the purposes of this section, be treated as, sale, exchange or transfer of the capital assets: (2) The amount of a capital gain shall be computed after making the following deductions from the full values of the consideration for which the sale, exchange or transfer of the capital asset is made, namely : (i)expenditure incurred solely in connection with such sale, exchange or transfer; (ii)the actual cost to the assessee of the capital asset, including any expenditure of a capital nature incurred and borne by him in making any additions or alterations thereto but excluding any expenditure 172 in respect of which any allowance is admissible under any provisions of sections 8, 9, 10 and 12.