S. 54F: Capital gains – -Investment in residential house – 50% ownership in property – Does not own more than one house at the time of the transfer of the original capital asset, would be entitled to claim the exemption u/s.54F, even if they lack absolute ownership of the property they are selling. [ S. 45 ]

S. 54 : Capital gains – Profit on sale of property used for residence – Property purchased by HUF – Through General Power of Attorney held by a coparcener – Held, valid transaction – Eligible for exemption . [ S. 45 ]

S. 50C : Capital gains – Full value of consideration – Valuation for the purposes of Stamp Duty –Development rights – Assessee holding the land title in her name only for technical purposes – development rights of the land transferred to the partnership firm where assessee was a partner –.Assignment of development rights provision is not applicable . [ S. 45 ]

S. 50C : Capital gains – Full value of consideration – Special provision for computation of full value consideration (Amendment) – difference between sale consideration and stamp duty – Stamp Duty Value of the Property purchase and Purchase consideration is less than the tolerance band of 10%- Provisions of Section 56(2)(x)- The assessee is entitled to the benefit of the tolerance limit of 6.56%. [ S. 56(2)(x ) ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Stamp duty value of the property – Date of agreement – The AO is directed to consider the stamp duty value of the property, as on the date of agreement i.e. 03.06.2002/19.06.2002, as mentioned in the sale deed itself and recompute the capital gain/tax liability accordingly .[S.45 ]

S. 50 :Capital gains – Depreciable assets – Block of assets – Rate of tax – Deeming fiction is to be confined only to section 50 and it could not convert short term capital asset into long term capital asset and vice versa for other purpose of Act – Rate of tax would be in terms of section 112 at rate of 20 percent and not 30 percent .[ S. 2(29AA) 2(29B ), 2( 42A) , 45 , 48,49, 112(1) ]

S. 47(vi) : Transaction not regarded as transfer – Capital gains – Amalgamation – When transaction specifically falls under the said section – Addition under section 56(2)(x) is not valid-Capital reserve arising out of amalgamation cannot be treated as an Income under section 28(iv). [ S. 28(iv) , 56(2)(x ) ]

S. 45: Capital gains – Capital loss – Assessee, a Foreign Portfolio Investor incorporated in United Kingdom – entered into Forward Foreign Exchange contracts (FCC) with a bank to hedge amounts invested in Indian securities – loss incurred on rollover/cancellation of FCC was in nature of short-term capital loss eligible for carry forward under head ‘capital gains’ .[ S.74 ]

S.45 : Capital gains -Long-term capital gains from equities – Penny stock – Accommodation entries – Failure of the Revenue to bring on record any materials linking assessee in any of the dubious transactions – Addition as cash credit is deleted .[ S. 10(38, 68 , 147 , 148 ]

S. 44C: Non-residents – Head office expenditure – Double taxation relief – Article 7(3) of the DTAA between India and UAE – Asessee claimed deduction u/s. 44C – AO allowed only 5% of the adjusted total income as deduction – Held, Art. 7(3) cannot be applied retrospectively – Held, deduction allowed without imposing restriction u/s. 44C- Expenditure incurred outside India exclusively for operations of Indian branches would not fall within ambit of section 44C hence allowable in full – DTAA -India – Dubai . [ S. 90 ,Art.7(3), 25(1) ]