S. 56 : Income from other sources-Valuation of shares-Book value of assets-.Formula adopted by the Assessing Officer is not applicable to the relevant assessment year-Order of Tribunal deleting the addition is affirmed by the High Court. [S. 56(2)(viib), R.11UA]

S. 54F : Capital gains-Investment in a residential house-Non-resident India-Sale of residential flat-Invested sale proceeds from same, in a residential house in USA within specified period-Entitle to exemption-Amendment in section 54F by Finance (no.2) Act of 2014 imposing condition that assessee should invest sale proceeds arising out of a sale of capital asset in a residential property situated ‘in India’ within stipulated period is prospective in nature-Rejection of revision application is not valid-Entitle to exemption..Interpretation – Legistaive intend – Amending the provision- Retrospectivity – Not unless expressly stated and clearly implied .[S. 5(2), 139(5), 143(1), 254, 264, Art. 226]

S. 54B : Capital gains-Land used for agricultural purposes-Purchased land in name of wife-Not entitle to exemption. [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Purchased land in name of wife-Not entitle to exemption-Order of High Court affirjed-SLP dismissed. [S. 45]

S. 45 : Capital gains-Long term capital gains from equities-Penny stocks-Shares of Shree Nath Commercial and Finance Ltd-No evidence available on record suggesting that assessee or his broker was involved in rigging up of price of script-Order of Tribunal allowing the exemption is affirmed.[S. 10(38),56, 260A]

S. 45 : Capital gains-Transfer-Possession was handed over-Subsequent termination of contract by mutual consent and returned back the sale consideration received-Liable to capital gains tax in the year of handing over of possession of property-Benefit of the tax scheme (Vivad se Vishwas Scheme-SLP dismissed. [S. 2(47)(v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A)]

S. 43B : Certain deductions only on actual payment-Leave travel allowance-Provision of section 43B(f) is would not apply.[S.43B(f)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess-Not allowable as deduction. [S. 37(1), Art.136]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission-Not having Permanent Establishment or carrying on any business in India — Not liable to deduct tax at source. [S.195, 260A]

S. 37(1) : Business expenditure-Capital or revenue-Replacement of spares in machineries-Up gradation of software-Revenue expenditure.