S. 56 : Income from other sources-Valuation of shares-Share premium-As per rule 11UA(1)(c)(b), it is prerogative of assessee to estimate fair market value of shares issued by it by adopting one method out of two methods i.e. discounted cash flow method or book value method, and that revenue authorities cannot force assessee to adopt particular method for valuing fair market value of share. [S. 56(2)(viib), R. 11UA]

S. 54F : Capital gains-Investment in a residential house-Invested in capital gain account scheme-Gains along with minor children-Sale of equity shares of Pvt. Ltd. company-Entitle to exemption-More than one house-Matter remanded for verification. [S.45, 64]

S. 54F : Capital gains-Investment in a residential house-Mere name of the assessee in the purchase deed cannot be ground to reject the claim of exemption. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Amount utilised for construction of house-Additional evidence-Matter remanded. [S. 54(2), 254(1), R. 46A]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Sale deed not registered-50% sale in agricultural land-Addition cannot be made on the basis of deemed sale consideration [S. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Indexed cost-Indexed Cost of acquisition was to be Computed by taking year of acquisition as 1988 i.e. when property was acquired by previous owner and not year when property was gifted. [S. 45]

S. 48 : Capital gains-Computation-2% of sale Commission payment held to be allowable as expenditure-Amount paid to furniture is held to be not allowable as the claim was not made before the lower authorities. [S. 45, 54]

S. 45 : Capital gains-Slump sale-Amount kept in Escrow account-Payable in five instalments on fulfilment of certain obligation-Entire capital gains cannot be taxed in the relevant year. [S. 50B]

S. 45 : Capital gains-Agricultural Land-sold was too small-No evidence was produced for the agricultural activities carried on-Assessable as capital gains. [S. 2(14)(iii)]

S. 43(3) : Plant-Golf course-Eligible depreciation at 15%. [S. 32]