S. 50C : Capital gains-Full value of consideration-Stamp valuation-Date of agreement to sell-Date of registration-Amendment by way of Finance Act, 2016 effective from 01.04.2017-insertion of proviso to S. 50C(1) is clarificatory in nature-Applicable on pending matters-Sale value lesser than stamp duty valuation-addition made by the AO is deleted. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Additional ground is admitted-Matter remanded to the CIT(A).[S.. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Release deed-Indexation-Property acquired through the release deed-Indexation only from the date of execution of the release deed.[S. 45, 48]

S. 49 : Capital gains-Mode of Computation-Indexed cost-Acquired under will-Previous owner-Computed with respect to year in which previous owner first held asset and not in year in which assessee became owner of asset-Brokerage and commission-Legal expenses-Allowable as deduction-Payment of compensation to vacate the premises-Allowable as deduction. [S. 45, 48]

S. 45 : Capital gains-Share Swap Transaction-The value of investments in SRL and the value of shares issued are at the same value on the assets and liabilities side, thus, there is no question of earning of any capital gain-Not liable to be taxed as short term capital gains. [S. 4]

S. 45 : Capital gains-Joint development agreement (JDA)-Only permissible possession of land transferred to the developer while executing JDA-Ownership had not been transferred-, No taxable event happened-Not liable to capital gains taxation. [S. 2(47)(v), 48, Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Conversion of capital asset into stock in trade-MOU with co-owners is notarised-Not submitted accounting entry Conversion of land as stock-in-trade is not proved-Sale is treated as capital asset Liable to capital gains tax-Amendment in third proviso to section 50C would be applicable retrospectively-The AO is directed to consider valuation difference of 10% of tolerance limit while computing the capital gains. [S .44AB,45(2), 50C]

S. 45 : Capital gains-Agricultural land-Joint development agreement-Licence to enter property for purpose of carrying out development-Capital gain offered in the year 2013-14-Assessing the capital gain in the year 2011-12 was deleted. [S. 2(47)(v), 48, Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Oral agreement-No oral agreement can outweigh the registered document as per provisions of Section 93 of the Indian Evidence Act-The capital gain is taxable in the year of the registered sale deed. [S. 2(47(v), 269UA(d), Indian Evidence Act, 1872, S. 93)

S. 44BBB : Foreign companies-Civil construction-Turnkey power projects-Not engaged in turnkey project-Provisions not applicable-Section 44BBB(2) overrides 44BBB(1)-Maintains books of accounts u/s. 44AA which are audited-AO could not have estimated NP @10%-44BBB(1) not applicable-DTAA-India-Italy. [S. 44AA, 44BBBB, Art. 5, 7]