S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Possession handed within one year after transfer of second property-Entitled to exemption-CIT (A)-Powers-Revised computation was filed before AO-CIT (A) has to consider the claim. [S. 45, 250]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Variation between sale consideration and sale stamp value 5 % to 10%-Amendment curative and thus retrospective-Applicable for earlier years-Determination of land value based on various factors such as water logging, flooding of drainage water, etc. has to be considered-Valuation of assessee accepted. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Land situated in green belt-Matter remanded to CIT (A)-Transfer of development rights-Provision of section 50C is not applicable-Issue raised first time before Appellate Tribunal-Matter remanded to the file of CIT(A). [S. 2(47)(v), 45, 250]

S. 45 : Capital gains-Long term capital gains-Sale of shares-Purchase and sale through online mechanism, banking channels and through Dematerialised account-Exemption cannot be denied merely on the basis of statement of third parties, without giving an opportunity of cross examination. [S. 10(38), 68, 133A]

S. 45 : Capital gains-Purchase and sale of shares-Long term capital gains-Penny stock-SEBI Registered broker-Investigation report-Burden is on revenue to disprove the documents-Addition as unexplained money is held to be not justified. [S. 10(38), 69A]

S. 43B : Deductions on actual payment-Interest payable to Bank-Provision that conversion of interest into loan not equivalent to actual payment-Payment through overdraft account or cash credit account-Not disqualified. [S. 43B(d), 43B(e)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of stock-in-trade-Disallowance is affirmed. [R. 6DD]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of land-Amount paid neither debited to profit and loss account nor claimed as deduction.

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of capital asset or investment-No disallowance can be made.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Payees declaring payments in returns and paying tax thereon-AO was directed to verify and decide according to law.