S. 68 : Cash credits-Bogus Share Capital-Merely because the investment was considerably large and several corporate structures were either created or came into play in routing the investment in the assessee through a Mauritius entity would not be sufficient to brand the transaction as colourable device-The assessee cannot be asked to prove the source of source.

S. 56 : Income from other sources-Interest income earned on depositing surplus funds in FDRs is assessable as income from other sources and not as business income. [S. 28(i)]

S. 56 : Income from other sources-Share premium-For purpose of sub-rule (2) of rule 11UA, an auditor cannot be account of assessee-company. [S. 44AB, 56(2)(viib), 288(2)]

S. 54F : Capital gains-Investment in a residential house-Investment in single house but bifurcated with two door numbers for ground and first floor-New house purchased in the joint name of wife and son entitle to deduction–Property need not be purchased by assessee in his own name for claiming exemption. [S. 2(42A) 2(47), 45]

S. 54F : Capital gains-Investment in a residential house–Capital Gains Scheme Account -Bank account was opened only for the purpose of depositing compensation received in his hand and the amount was utilised for purchase of plot of land and partial construction thereon–Entitle to exemption. [S. 45]

S. 50B : Capital gains–Slump sale-As per sale deed, possession of only land and building was handed over and there was no transfer of furniture, fixtures and other equipment’s- Transaction cannot be regarded as slump sale. [S. 45, 50C]

S. 45(4) : Capital gains-Distribution of capital asset–Retiring partner-The revaluation of asset being land held by the partnership firm which results into enhancement of value of asset and this enhanced amount credited in capital account of partners and when a retiring partner takes amount in his capital account including enhanced value of asset, it does not give rise to Capital gains.[S. 2(14), 45]

S. 45(4) : Capital gains-Distribution of capital asset-Retirement of partner -If new partners come into the partnership and bring cash by way of capital contribution and the retiring partners take cash and retire, the retiring partners are not relinquishing their interest in the immovable property. What they relinquish is their share in the partnership- As there is no transfer of a capital asset, no capital gains or profit can arise. [S. 45]

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-Date of conversion of capital asset into stock-in-trade has to be determined either on basis of entry passed in books of account of assessee or intention of assessee to exploit capital asset as stock-in-trade for its business purpose. [S. 45]

S. 45 : Capital gains-Long term capital gains- Lease –Entire consideration was paid when site was originally allotted in 2001- Date of holding to be computed from the date of allotment and not from the date of absolute conveyance was made and entitle to deduction u/s. 54F of the Act. [S. 2(42A), 2(47), 54, 54F]