S. 45 :Capital gains – Accrual -Protective assessment – Rule of consistency – Department not bound by rule of consistency – Lease- Completion of transfer with vesting of land in the Government essentially correlates with taking over of possession of the land under acquisition by the Government- However, where possession is taken over before arriving of the relevant stage for such taking over, capital gains shall be deemed to have accrued upon arrival of the relevant stage and not before.- To be more specific, in such cases, capital gains shall be deemed to have accrued: (a) upon making of the award, in the case of ordinary acquisition referable to Section 16; and (b) after expiration of fifteen days from the publication of the notice mentioned in Section 9 (1), in the case of urgency acquisition under Section 17 [ Land Acquisition Act, 1984 , S ,4,6 ,16 ,17,Transfer of Property Act, 1882, . 108(q), 111(a), 116 ]

S. 147 : Reassessment – After the expiry of four years- Share capital – At the stage of re-opening, only a reason to believe should exist with regard to escapement of income. Definite conclusion would be drawn after raising queries upon the assessee in the light of S. 68 of the Act- Reopening is held to be justified -Sanction -Not required to provide elaborate reasons while approving the sanction -Succession – No requirement to issue two separate notices in name of amalgamated company as successor-in-interest of amalgamating company and to amalgamating company in its individual capacity, [ S.68, 148 ,151 170, Art , 226 ]

S. 56: Income from other sources -Consideration for issue of shares- Excess of the face value of shares- Market value – Method of valuation- The Assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred- If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the AO has no power or jurisdiction to change that method to another method- Addition is deleted . [ S.56(2) (viib) , R.11UA ]