S. 56 : Income from other sources-Transferable Development Rights (TDR)-Shown as stock in trade-Deemed consideration-Provision section 50C is not applicable-Deemed consideration cannot be assessed as per section 56(2)(vii (b)) of the Act. [S. 50C, 56(2)(vii)(b), 269UA]
S. 54F : Capital gains-Investment in a residential house-Farm house-Entitle to exemption. [S. 45]
S. 54F : Capital gains-Investment in a residential house-Date on which full consideration was paid and possession was taken is the relevant date to be considered. [S. 45]
S. 45 : Capital gains-Acquisition of land under National High Act (NHA) 1956-Compensation received is taxable-No specific exemption under RECTLAAR Act, 2013. [RECTLAAR Act, 2013, S. 96, 105(3)]
S. 45 : Capital gains-Capital gains accepted in one co-owner-Addition cannot be made in the case of another Co-Owner though accepted u/s. 143(1) of the Act. [S. 50C, 143(1)]
S. 45 : Capital gains-Capital asset-Booking right of flat in a proposed building-Agreement was not registered-Compensation received on extinguishment of rights-Assessable as capital gains and not as income from other sources. [S. 2(14)(a), 56]
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-Tolerance band from 5 % to 10%-Proviso to section 43CA(1) and the subsequent amendment thereto relates back to the date on which the said section was made effective, i.e. 1st April, 2014. [S. 50C]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Transport charges-Copies of PAN along with copies of invoices were furnished-Disallowance is not justified merely for technical laps u/s. 194 (7) of the Act. [S. 194(7), 194C]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Asset valuer’s fees paid by the lender bank and recovered from the assessee-Not liable to deduct tax at source. [S. 194J]
S. 37(1) : Business expenditure-Corporate Social responsibility (CSR)-Allowable as deduction-Explanation to section 37(1) is prospective w.e.f. AY. 2015-16]