S. 54 : Capital gains-Profit on sale of property used for residence-AO deputed inspector for inspecting the property-AO made the deduction as per the inspector report and added the rest income to be taxed-Assessee contented that the two units were not independent-Held, the two units were separated residential houses. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Bonafide mistake-Claim made under section 54F-Entitled to avail the benefit. [S. 45, 54F]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Reference to District Valuation Officer-Determined value higher than consideration but less than stamp duty value-Remanded to the AO to re-determine the fair market value with specific directions. [S.45]

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]