S. 54F : Capital gains – Investment in a residential house-Purchase of three different properties -Exemption was allowed only in respect of one constructed house – Prior to 1-4-2015. [S. 45]

S. 54F : Capital gains-Investment in a residential house– Commercial property–Held more than thirty six months- Depreciation was claimed – Purchase of residential flat – Eligible deduction. [S. 45, 50]

S. 54 : Capital gains-Profit on sale of property used for residence -An advance given to a developer for booking of a flat in a residential project to be developed-booked flat prior to sale of existing immovable property-Neither on date of payment of advance nor till expiry of time period prescribed in respect of alleged new flat was in existence-Denial of exemption is held to be justified.[S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence – Purchase new house property within stipulated period of two years from date of transfer of original asset-Exemption cannot be denied on the ground that housing loan was utilised for purchase of new house property. [S. 45]

S. 50B : Capital gains–Slump sale-Part consideration was kept in Escrow account which was received in subsequent year-segregation of consideration in to two parts is held to be not justified – Depositing a part of the consideration in an escrow account will not be, equivalent to a deferred consideration-.Entire consideration is taxable in the year of sale. [S. 45]

S. 50B : Capital gains–Slump sale–Full value of consideration-Conditional sale -Part consideration would be paid on obtaining waiver of Minimum Guarantee Throughput (MGT) from Port Trust till transfer of terminal undertaking by assessee to KCPL-Amount retained by KCPL was never paid to the assessee as the assessee was not able to get waiver of Minimum Guarantee Throughput (MGT) from Port Trust. Consideration which was not received cannot be assessed as consideration received for sale-AO was directed to verify and decide in accordance with law. [S. 45, 48]

S. 48 : Capital gains–Computation -Indexed cost of improvement-documentary evidence to prove quantum of expenditure incurred on improvement was not furnished -Disallowance is held to be justified. [S. 45, 54]

S. 45 : Capital gains-Transfer of development right-Handing over possession of Land -Unregistered agreement-No valid transfer– Not liable to capital gains tax. [S.2 (47)(v)]

S. 45 : Capital gains-Business income–Investment in shares-Earlier years the transactions of sale of shares were accepted as capital gains-Current year short-term capital gains arising from share transaction could not be assessed as business income. [S. 28(i)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source– Maistries-leaders of shipping labour groups- Payment to shipping labour group leaders is not liable to deduct tax at source–No disallowances can be made. [S. 194C]