S. 68 : Cash credits-Gift of jewellery from grandmother-Gift received in kind-No cash or cheque-Addition cannot be made as cash credits-Affidavit of grandmother was filed-No occasion for gift to be proved-Exempt from the provisions of section 56(2)(vii) of the Act. [S. 56 (2)(vii]

S. 68 : Cash credits-Cash deposit-Matter remanded to the Assessing Officer to decide fresh.

S. 56 : Income from other sources-Valuation of converted compulsory convertible preference shares (CCPS) into equity shares-Shares at premium-Matter remanded for readjudication. [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Valuation of shares-Book value of liability shown in balance sheet has to be reduced for purpose of valuation and determination of FMV of unquoted equity shares. [Rule, 11UA]

S. 56 : Income from other sources-Buying back of shares-Holding company-Capital redemption reserve-Addition cannot be made when the shares are brought back from holding company. [S. 56(2)(viia)]

S. 54F : Capital gains-Investment in a residential house-Construction of building-Structure not fit for residential house-Constructed to exploit for the purpose of Hostel-Not eligible for exemption. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Owned two residential property-Denial of exemption is justified. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Exemption claimed under wrong section-Surrender of tenancy rights-Claimed exemption under section 54 instead of section 54F-Entitled to claim exemption under section 54F without filing revised return. [S. 45, 54, 139]

S. 54F : Capital gains-Investment in a residential house-Sale of immoveable property-Purchase of three flats-Name of wife, son and himself-Flats purchased in name of assessee’s wife and son were also to be allowed-Renovation expenses-Issue remanded to the file of CIT(A). [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Plots of land sold which formed share of assessee were property held by assessee’s husband (Karta), capital gains could only be assessed in his hands-Exemption under section 54B/54F to assessee is not eligible. [S. 45, 54F]