S. 56 : Income from other sources-Share capital at premium-Discount cash flow method (DCF)-Net asset method (NAV)-AO could not adopt NAV method merely for reason that there was deviation in actual figures from projected figures shown in DCF method-Deletion of addition is affirmed. [S. 56(2)viib), R. 11U, 11UA]

S. 55A : Capital gains-Reference to valuation officer-Prior to 1-7-2012, no reference to DVO could be made under section 55A where AO was of view that FMV of property as on 1-4-1981 was less than value declared by assessee. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Residential house-Purchase of residential property on first floor of a complex having shops constructed on ground floor-Entitle to exemption. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Guidance value to be taken on the agreement for sale and not on the date of Registration-Proviso to section 50C(1) inserted by Finance Act, 2016 is retrospective. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Reference to DVO-Where the reference is made DVO the Assessing Officer completed the assessment adopting deemed sale consideration before receipt of valuation report by DVO-Matter remanded-For purpose of computing exemption under section 54F, deeming fiction provided under section 50C could not be enlarged. [S. 45, 48, 54F]

S. 48 : Capital gains-Computation-Amount paid for removing encumbrance to a property without which sale or transfer could not be effected, is allowable as deduction. [S. 48(1)]

S. 45 : Capital gains-Transfer-Joint development agreement-Neither any consideration received nor handed over possession of immoveable property during relevant assessment year-Not liable too be assessed as capital gain. [S. 2(47)(v), 45(2), Transfer of Property Act, 1882 S. 53A]

S. 45 : Capital gains-Short term-Transfer-Joint Development Agreement (JDA)-Construction of an apartment project-Merely a license for developer to enter property-Provisions of section 53A of Transfer of Property Act and provisions of section 2(47)(v) would not be applicable to JDA-Not liable to capital gains tax-Failure to file JDA agreement-Reassessment notice is valid. [S. 2(47)(v)), 147, 148, Transfer of Property Act, 1882, S. 53A]

S. 44BB : Mineral oils-Computation-Contract with ONGC for replacement of well fire shut down panels at offshore platform on a turnkey basis-Amounts were remitted directly to UAE by ONGC-DRP erred in apportioning 10 per cent of gross receipts as taxable income-Section 44BB did not override provisions of section 5 of the Act-DTAA-India-USA. [S. 5, 9(1)(i), Art. 5, 7]

S. 44BB : Mineral oils-Non-Resident-Computation-Service tax being statutory levy should not form part of gross receipts.