S. 54F : Capital gains-Investment in a residential house-Purchase of new residential house within due date specified under S. 139(4) from date of transfer of original asset- Entitle to exemption. [S. 45, 54F(4), 139(4)]

S. 54F : Capital gains-Investment in a residential house -Depreciable asset-Exemption is available even on short-term capital gains calculated on sale of depreciable assets held for more than 36 months. [ S. 2, 42(A), 45, 50]

S. 54F : Capital gains-Investment in a residential house–Capital gains account scheme – Part of sale consideration received in cash was taken over by department before due date of filing of return- Exemption cannot be denied on the ground that capital gain was not deposited in capital gains account with in prescribed time-S. 54 , 54F being beneficial provision, non-reference about specific section under which assessee is making claim exemption cannot be denied. [S. 45, 54]

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]