S. 68 : Cash credits -Estimation of income -Ex parte order by CIT(A) and Assessing Officer -Matter was remanded to Assessing officer for de novo assessment.[S. 148, 251]
S. 68 : Cash credits -Estimation of income -Ex parte order by CIT(A) and Assessing Officer -Matter was remanded to Assessing officer for de novo assessment.[S. 148, 251]
S. 68 : Cash credits -Assessing Officer has not made any inquiry of his own either issuing notice under section 133(6) or 131 of the Act- Tax deducted at source -Filed confirmation- Burden is discharged -Addition is deleted.[S.131, 133(6)]
S. 56: Income from other sources – Sale of property — Stamp value — Agreement fixing consideration in 2010,registration taking place in 2013 — Paid part consideration by cheque in 2010 before date of agreement — Stamp value on date of agreement In 2010 to be considered- Addition is deleted. [S. 56(2)(vii)(b)]
S. 54F : Capital gains -Investment in a residential house -Three flats -Single unit to be eligible for deduction.[S. 45]
S. 54F : Capital gains -Profit on sale of property used for residence -Registered in the name of the parents -Payment made through assessee’s bank account -Registered property gifted to the assessee by parents -Rule of purposive construction -Deduction is allowed.[S. 45, 54]
S.54EC: Capital gains-Investment in bonds -Investment in bonds -Sale of office premises -Depreciable assets -Six months mentioned in section 54EC is to be recorded as six British calendar months -Eligible for deduction in respect of both investments. [S. 2(11), 45, 50]
S.54: Capital gains -Profit on sale of property used for residence-Purchase of new house in name of spouse -Eligible for deduction.[S. 45, 54F]
S. 48 : Capital gains -Cost of improvement –Selective reading of sale agreement could not necessarily lead to disallowance- Expenses incurred to make house habitable allowable as deduction. [S. 45, 54, 54F]
S. 48: Capital gains -Mode of computation -Denial of indexed cost of improvement for the property sold -Expenses incurred for the renovation of house property –Merely because there is no written agreement expenses incurred cannot be disallowed. [S. 45]
S. 45:Capital gains- Short term capital loss -Sale of shares -Alleged bogus sales -Shares traded on BSE -No independent enquiry conducted by AO regarding rigging up of the price of shares by the Assessee or his broker –Loss is allowed to be set off against capital gains.