S. 54F : Capital gains-Investment in a residential house-Mere name of the assessee in the purchase deed cannot be ground to reject the claim of exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Amount utilised for construction of house-Additional evidence-Matter remanded. [S. 54(2), 254(1), R. 46A]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Sale deed not registered-50% sale in agricultural land-Addition cannot be made on the basis of deemed sale consideration [S. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Indexed cost-Indexed Cost of acquisition was to be Computed by taking year of acquisition as 1988 i.e. when property was acquired by previous owner and not year when property was gifted. [S. 45]

S. 48 : Capital gains-Computation-2% of sale Commission payment held to be allowable as expenditure-Amount paid to furniture is held to be not allowable as the claim was not made before the lower authorities. [S. 45, 54]

S. 45 : Capital gains-Slump sale-Amount kept in Escrow account-Payable in five instalments on fulfilment of certain obligation-Entire capital gains cannot be taxed in the relevant year. [S. 50B]

S. 45 : Capital gains-Agricultural Land-sold was too small-No evidence was produced for the agricultural activities carried on-Assessable as capital gains. [S. 2(14)(iii)]

S. 43(3) : Plant-Golf course-Eligible depreciation at 15%. [S. 32]

S. 40A(9) : Expenses or payments not deductible-Amount was paid for welfare of employees of assessee and not as contribution to any fund, trust, etc.-Provision is not applicable-Less than monetary limit-Appeal is not maintainable. [S. 268A]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Payments were made by Cheques-Disallowance is held to be not justified.