S.54F : Capital gains-Investment in a residential house-One house-Position prior to 1-4-2015-Joint Development Agreement (JDA)-14 apartment units-Amendment to section 54F by the Finance No. 2 Act, 2014 makes it clear that with effect from 1-4-2015, deduction would be admissible for one residential unit only by replacing word “a” with “one” and prior to amendment to section 54F, assessee is entitled to benefit of section 54F in respect of all units received by assesse.[S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence-Non-resident-Non-filing of return-Furnished all details and documentary evidences in respect of sale of immovable property-Purchase of new residential flat-Denial of exemption is not justified.[S. 45,139, 147,148]
S. 54 : Capital gains-Profit on sale of property used for residence-Exemption is allowable on full purchase cost of new residential property, including stamp duty, restricted to sale proceeds of original property. [S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence-Investment in under construction residential house-Expiry of three years from date of sale of original asset-Investment in under construction flat-Utilised only half amount of long term capital gains-Balance amount of long-term capital gain should be charged to tax under section 45 in year under consideration, being year in which period of three years from date of transfer of original asset expired.[S. 45, 54(2)]
S. 54 : Capital gains-Profit on sale of property used for residence-Incomplete investment-Matter is remanded back to Assessing Officer for de novo adjudication.
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of leasehold rights-Section 50C, being a deeming provision, is not applicable in case of transfer of leasehold rights. [S. 45, 54 54D, 147, 148]
S. 45 : Capital gains-Share transactions-Income shown as business income in preceding year-Assessable as capital gains.[S.28(i)]
S.45 : Capital gains-Agricultural land-General power of attorney-Not owner of land-Land belong to third party-No addition cannot be made as sale of capital asset. [S. 2(14)]
S. 43B : Deductions on actual payment-TCS on sales of scrap-Not claimed as deduction-Journal entries-Addition is deleted. [S. 206C]
S. 43(5) : Speculative transaction-High sea sales-Buying and selling edible oil-Final and physical delivery of goods had been taken by end user at port of destination after compliance with all customs formalities-Set off against interest income-Transactions cannot be termed as speculative transaction. [S.73(1)]