S.54F: Capital gains-Investment in a residential house-Sale of non-agricultural land-No deposit was made in the capital gains account-Expenditure incurred towards the construction of the house till the due date for filing of return under section 139(4) was to be allowed as deduction under section 54F-Matter remanded. [S. 45, 139 (4)]

S. 54B: Capital gains-Land used for agricultural purposes-Reinvestment-Additional sale consideration from an escrow account-Reinvested in new asset-Matter remanded for reverification.[S. 45]

S. 50C: Capital gains-Full value of consideration-Stamp valuation-DVO valued the property more than the Stamp Valuation Authority-Assessing Officer was required to accept the full value of consideration as per value determined by the Stamp Valuation Authority, i.e Rs 3.21 crores. [S.45, 50C(3)]

S. 48: Capital gains –Mode of Computation-Investment in mutual fund-JM Balanced Fund-Short-term capital loss-Supported by proper documents and recorded in books-Disallowance by Assessing Officer based on suspicion of manipulation was unsustainable-There was no SEBI action or direct evidence of collusion-Short-term capital loss was allowable. [S.45, 94(7), 133A]

S. 48 : Capital gains –Mode of Computation-Indexed cost-1/4th co-owner-Matter was to be remanded back to the file of Assessing Officer with a direction to work out the correct LTCG derived on sale of asset.[S. 45]

S. 45: Capital gains-Transfer –General Power of Attorney-Assessee executed GPA authorising agent to deal with land-Agent sold portion thereof to a company-Mere execution of GPA did not constitute transfer under section 2(47) in favour of agent-Only actual sale consideration received for transfer was taxable in assessee’s hands, not any sum received by power agent.[S. 2(47)]

S.45: Capital loss-Sale of shares-Securities transaction tax–loss was allowable as a capital loss.

S. 45: Capital loss-Advance for purchasing a commercial plot-Cancellation of forfeited amount paid in earlier years-Allowable as capital loss. [S. 2(14) 2(47)(ii)]

S. 45: Capital gains-Slump sale-Set-off of long-term loss against long-term gain from slump sale. [S.2(29B), 2(42C), 50B]

S.43CA: Transfer of assets-other than capital assets-full value of consideration-stock in trade-Agreement value-Stamp valuation-Registration agreement at a later date-Transaction was completed in an earlier year and offered to tax-Addition cannot be made in the year of registration. [S. 2(47)(v), S.50C, Transfer of Property Act, 1882, S.53A]