S. 56 : Income from other sources-Gift- Property–Purchase of a piece of land as stock-in-trade–Not property–Provision is not applicable- Matter is set aside. [S. 45, 56(2)(vii)(b)(ii)]

S. 56 : Income from other sources–Preference shares-Premium- Valuation is to be made as per Rule 11UA(1)(c)–Matter set aside. [S. 56(2)(vii)(b), R. 11UA(1)(c)]

S. 54F : Capital gains-Investment in a residential house-Construction of house–Single house constructed by assessee within three years of sale of land-Entitle for exemption. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Capital gain account scheme- Deposited before expiry of date of filing of return u/s. 139(4)-Entitle to exemption. [S.45, 139(4)]

S. 54F : Capital gains-Investment in a residential house-Claim was raised first time before the Tribunal-Matter remanded for adjudication.[S. 254(1)]

S. 54EC : Capital gains-Investment in bonds–Investment of 50 lakhs each in two different financial years–Eligible for exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence–Booking of semi finished flat with builder-Carry out internal fit-outs to make it liveable on its own-treated as construction of property and not purchase of property, same was to be treated as case of construction of property and not purchase of property- Entitle to exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence– Due to ignorance the deduction is claimed u/s. 54F instead S.54– Exemption cannot be denied.[S. 54F]

S. 54 : Capital gains-Profit on sale of property used for residence–Failure to obtain possession of plot with in period of three years- Exemption cannot be denied. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Right of allotment–Surrender of rights-Held more than three years –Compensation assessable as long term capital gains-Entitle to exemption in relation to investment in new flat. [S. 2(47)(ii), 45, 47]