S. 56 : Income from other sources-Allotted 5 percent non-cumulative redeemable preference shares-Share premium-DCF Method-Report from Merchant banker-Valuation report deserved to be given status of statutory evidence with burden upon Assessing Officer to rebut same with evidences establishing either report was based on incorrect facts and figures, or otherwise, valuation method lacked sanctity to be considered as statutory evidence-Order of CIT(A) is affirmed. [S. 56(2) (viib), R.11UA]

S. 56 : Income from other sources-Purchase consideration for transferring immovable property-Late father in the year 1991 and 1992-Value as on date of agreement should only be compared with actual consideration for purpose of section 56(2)(vii)(b)-Unexplained investment-Difference between stamp value of subject property and actual purchase consideration is only deemed/notional income, same could not be brought with meaning of unexplained investment under section 69. [S.56(2((vii(b), 69]

S. 56 : Income from other sources-Interest-Enhanced compensation-Interest received under section 28 of Land Acquisition Act, 1894 on enhanced compensation granted by reference court on acquisition of land is not taxable under section 56(2)(viii) [S. 10(37) 56(2)(viii), Land Acquisition Act, 1894, S. 28]

S. 56 : Income from other sources-Stamp duty-Actual sale consideration-Amendment to section 56(2)(vii)(b) made by Finance Act, 2013 with effect from 1-4-2014-Not clarificatory in nature and would be applicable only with effect from 1-4-2014 and not for assessment year 2012-13.[S. 50C, 56(2)(vii(b), 69, 147]

S.54F : Capital gains-Investment in a residential house-Majority of investment was made subsequent to due date of filing of return-Exemption is allowed.[S.45, 139(1), 139(4)]

S.54F : Capital gains-Investment in a residential house-Registered sale deed-Failure to get documents registered for purchase of residential house-Denial of exemption is justified.[S. 45]

S.54F : Capital gains-Investment in a residential house-Additional evidence-Matter restored back to CIT(A) for fresh adjudication.[S.250]

S.54F : Capital gains-Investment in a residential house-Joint Development agreement-Disputes-Delay of seven years-Denial of exemption is affirmed. [S. 45]

S.54F : Capital gains-Investment in a residential house-One house-Position prior to 1-4-2015-Joint Development Agreement (JDA)-14 apartment units-Amendment to section 54F by the Finance No. 2 Act, 2014 makes it clear that with effect from 1-4-2015, deduction would be admissible for one residential unit only by replacing word “a” with “one” and prior to amendment to section 54F, assessee is entitled to benefit of section 54F in respect of all units received by assesse.[S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Non-resident-Non-filing of return-Furnished all details and documentary evidences in respect of sale of immovable property-Purchase of new residential flat-Denial of exemption is not justified.[S. 45,139, 147,148]