S. 54B: Capital gains-Land used for agricultural purposes-Co-owner-Order of CIT(A), merely relying upon the decision of the co-owner without verifying distinguishing facts recorded by the Assessing Officer, was set aside and restored to him for decision afresh.[S. 45]

S. 54: Capital gains-Profit on sale of property used for residence-Property is purchased in the name of spouse-Exemption cannot be denied.[S. 45]

S. 54: Capital gains-Profit on sale of property used for residence-Construction of house-Purchase of land with construction of house-matter was to be remitted back to the Assessing Officer for decision afresh.[S. 45, 54F]

S. 48: Capital gains-Mode of Computation-Cost of improvement-Previous owner-Cost of acquisition-cost of construction and interiors-Additional evidence-Matter was remitted back to the Assessing Officer for fresh adjudication. [S.49(1)]

S. 48: Capital gains-Mode of Computation-Reference to valuation officer (FMV)-FMV of property as on 1-4-1981-Valuation report prepared by a Government-approved registered valuer-Matter was to be remanded back to file of Assessing Officer with a direction to refer valuation of property as on 1-4-1981 to DVO as per specific request of assessee, and thereafter, re-compute long-term capital gain-Cost of improvement expenses-Matter remanded for fresh examination-Full value of consideration-Stamp valuation-Matter concerning correct sale consideration required de novo consideration and was to be restored to Assessing Officer.[S. 45, 50C, 55A, 131, 133(6), 154]

S. 45: Capital gains-Capital asset-Sale of immovable property-Name of lender-Agency Transaction-Ownership established in the registered documents-Addition is affirmed. [S.2(14), 44AD]

S. 45: Capital gains-Transfer-Joint development agreement (JDA-Developer was allowed to enter into property only for development work, and nothing therein shall be construed as parting with possession of the scheduled property by the owner-original title deed of land remained with the assessee-JDA was not an agreement to sell so as to invoke provisions of section 53A and consequently deemed transfer in terms of section 2(47)(v)-Order of CIT(A) deleting the addition was affirmed. [S. 2(47)(v), 45, Transfer of Property Act, 1882, S.53A]

S. 45: Capital gains-Transfer-Year of taxability-Handed over possession-Oral agreement-Full consideration-Registered conveyance deed was executed later-Capital gains could not be taxed in the subsequent year when the deed was registered.[S. 2(47), 50C.]

S. 45: Capital gains-Sale of property-Commercial building-Capital asset-Intention to let out-Constructed and sold over six years-Assessable as capital gains and not as business income-Exemption under section 54EC was allowable.[. S.2(14), 28(i), 54EC]

S.43CA: Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation Difference between SDV and agreement value was less than 5 per cent-Addition is deleted-Change of opinion-Reopening is not justified.[S.50C 147, 148]