S. 56 : Income from other sources-Purchase of plots of land at lower price than determined by DVO-Not stock in trade-Provision is applicable-Payment made on cash-Failed to substantiate the cash payment-Credit cannot be given-Estimate by Valuation Officer-Encroachment-DVO is directed to consider the impact of encroachment on land if not already considered in valuation report. [S. 56(2)(vii)(b), 142A]

S. 54F : Capital gains-Investment in a residential house-Purchase of land-Using advance received with respect to sale of property-Deduction cannot be denied merely because sale deed for sold out property was executed beyond period of a year.[S. 45]

S.54F : Capital gains-Investment in a residential house-More than one residential property on date of transfer of capital asset-Not entitle to deduction.[S. 45]

S. 50B : Capital gains-Slump sale-Failure to examine evidence-Matter remanded.[S. 2(42C)]

S. 47(xiiib) : capital gains-Transaction not regarded as transfer-Capital gains-Conversion of firm in to LLP-Good will-Books of account of predecessor company did not include goodwill in accumulated profits, there was no violation of clauses (c) and (f) of section 47(xiiib) and additions made under section 45 treating assessee to be in violation of clauses (c) and (f) of section 47 could not be sustained.[S. 45]

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-Land converted into stock-in trade-Earmarked land for road and other common amenities purpose in terms of municipal regulations-No transfer-Neither capital gains nor business profits.[S. 45, 47 (iii)]

S. 45 : Capital gains-Land situated within jurisdiction of municipality and population was more than 10,000-Not an agricultural land-Sale proceed out of compulsory acquisition of land was not exempt under section 10(37). [S. 2(14)(iii)(a), 10 (37), Land Acquisition Act, 1894 ]

S. 45 : Capital gains-Agreement to sale of agricultural land-Capital asset-Subsequently the land use was changed as non agricultural land-Possession was given when the sale deed is executed-Relevant date is execution of sale deed-Liable to capital gains.[S. 2(14), 2(47) 47, 50C]

S. 45 : Capital gains-Land sold after a gap of 13 years-Assessable as capital gains and not as business income-Cost of acquisition-Matter remanded. [S.28(i), 55]

S. 45 : Capital gains-Agreement for sale-Conveyance was made on 22-5-2007-Capital gains taxable in the assessment year 2008-09.[S. 2(31)(v), 2(47)(v)]