S. 54F : Capital gains-Investment in a residential house-Deposit in capital gain account scheme-Gain can be charged to tax after expiry of three years from date of sale of a property if same was not utilised for construction of new residential house as assessee’s income for said third year. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Entire sale consideration was in construction of house-Exemption cannot be denied on the ground that consideration was not deposited in capital gain scheme. [S. 54F(4), 139(1)]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transferrable Development Rights (TDR)-Right in the land and not land-Provision is not applicable-Addition cannot be made as income from other sources. [S. 45, 56(2)(viib)]

S. 50B : Capital gains-Slump sale-Short term capital loss-Net worth-Value of asset includes the amounts paid to discharge any liability on the asset. [S. 2(42C), 45]

S. 45 : Capital gains-Transfer-Agreement for Transfer and Registration in two different years-Possession handed over along with Agreement of Transfer-Registration done after 5 years-Held Capital gains chargeable in the year in which Agreement of Transfer took place along with handing over the possession and not in the year of registration. [S. 2(47)(v), Transfer of property Act, S. 53A]

S. 45 : Capital gains-Indexed cost-Allotment letter-Date to be reckoned is date of allotment of property and not date on which possession certificate was issued-Cost of improvement was not allowed. [S. 2(29A), 55]

S. 45 : Capital gains-Purchase and sale of shares-Investment portfolio-Assessable as short term capital gains and not as business income. [S. 28(i)]

S. 45 : Capital gains-General power of Attorney-Mere non production of the owner of the property could not, per se, cast liability of tax upon the assessee-The assessee has discharged the onus upon her-General power of Attorney has no right in the property and the General power of Attorney holder is only the agent under the Contract Act, the addition made for the long term capital gain on the assessee (GPA) deleted. [S. 148]

S. 44C : Non-residents-Head office expenditure-Allowable whether or not any amount is debited in books of account.

S. 44AD : Presumptive taxation-Cash credits-Unverifiable cash deposits and bank withdrawals-Duty on assessee to prove-Addition accepted. Limited scrutiny-AO is with in jurisdiction to take up additional issue in limited scrutiny of less than Rs. 10 lakhs. [S. 68]