S. 54 : Capital gains-Profit on sale of property used for residence–Short term–Long term-Date of acquisition-Date of allotment letter and not conveyance deed-Entitle to exemption. [S.2(29A), 2(29B), 2(42A), 2(42B), 45, 54F]
S. 54 : Capital gains-Profit on sale of property used for residence–Short term–Long term-Date of acquisition-Date of allotment letter and not conveyance deed-Entitle to exemption. [S.2(29A), 2(29B), 2(42A), 2(42B), 45, 54F]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Purchase of property-Applicable to seller and not purchaser-Unaccounted income invested in the purchase of property.[S. 56(2)(x), 132, 153C]
S. 50C : Capital gains-Full value of consideration-Stamp valuation–Lease hold rights–Stamp valuation is not applicable-Addition is held to be not valid. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation–Value determined by registering authority–AO is bound to make a reference to Valuation Officer before adopting, without objection raised by the assessee-Matter remanded to the AO to refer the matter to Valuation Officer for determination of market value. [S. 45]
S. 48 : Capital gains–Computation-Pre-operative expenditure-Not related to transfer of property-related to regular business of assessee–Not allowable as deduction–Brokerage and professional fees–Matter remanded [S. 45]
S. 45 : Capital gains – Long term-Period of holding-Date of execution of sale deed to be considered for the holding period and not date of receipt of occupation certificate – Assessable as long term capital gains. [S. 2(42A)]
S. 45 : Capital gains–Long term capital gain-Off market transaction-Legal requirements complied with-Addition cannot be made as cash credit. [S. 2(47), 68]
S. 44BB : Mineral oils–Presumptive taxation-Services or facilities in the prospecting for or extraction of mineral oils–Cannot be taxed as business profits or royalties-DTAA–India-UK [S. 2(13), 44DA, Art. 7]
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-Stock in trade-Agreement value–Stamp valuation-Agreement to sell flats/offices-Under construction-No transfer of land or building–Provision is not applicable. [S. 50C]
S. 43B : Deductions on actual payment–Approval fee-Allowable only on actual payment–Provision is not allowable–Percentage completion method-Amount disallowed to be reduced from work in progress–Matter remanded. [S. 37 (1), 145]