S. 56 : Income from other sources-Share premium-Valuation of shares-Share premium reflected in balance-sheet-Figures reflected in books of account or in balance-sheet prepared in accordance with Companies Act, 1956-AO does not have power to disturb-Share premium to be included in “reserves and surplus”-AO under “liability approach” ignoring share premium in balance-sheet under “reserve and surplus”-Under “asset approach”, treating share premium as liability-Both workings flawed-Net asset value method adopted by assessee recognised method-Taxation of share premium u/s. 56(2)(viib) of the Act is only by way of deeming fiction.-Addition unsustainable: [S. 56(2)(viib),Rule ,11UA]

S. 56 : Income from other sources-Redevelopment-Rent-Alternative accommodation-Rent Received from builders on account of redevelopment for alternate accommodation-Hardship allowance-Not taxable as income from other sources.[S. 4]

S. 56 : Income from other sources-Capital gains-Income from house property-lease agreement-Forfeiture of part of advance rent received-No extinguishment of rights as the right to the rent-Neither assessable as capital gain nor income from house property-Assessable as income from other sources. [S. 22,45]

S. 56 : Income from other sources-Stamp valuation-Circle rate-Unexplained investments-Purchase was done at circle rate-Reference to valuation officer is not valid-Addition is deleted [S. 56(2) (vii),69]

S. 56 : Income from other sources-Share premium-Discounted cash flow method (DCF)-Not justified in rejecting the method followed by the assessee-Matter remanded. [S. 56(2) (viib), R. 11 UA]

S. 56 : Income from other sources-Share application-Date of allotment-Provision can be invoked on the date of allotment and not on the date of share application-The Assessing Officer can refuse method of valuation after proving that methodology resorted by assessee is incorrect or not as per standards laid down. [S. 56(2)(viib), R. 11UA(2)]

S. 56 : Income from other sources-Share premium-DCF method-Holding company-Bringing the premium received from the holding company to tax net under these deeming fictions would tantamount to stretching the provision to an illogical length and will lead to some kind of absurdity in taxing own money of shareholders without any corresponding benefit-Addition is deleted. [S. 56(2)(viib) R.11 UA]

S. 54F : Capital gains-Investment in a residential house-Deduction claimed from selling flats-Transfer for reversal of such deduction made after three years-Matter remanded to verify if there was double taxation. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Non-Resident-Co-owner of a property at USA-Not entitled to the benefit of deduction. [S. 45, 54F(a), 54F(b)]

S. 54F : Capital gains-Investment in a residential house-Capital gains account-Paid the purchase price of property and construction thereon were within relevant period-Denial of exemption is not valid. [S. 45]