S. 54F : Capital gains-Investment in a residential house-Purchase of residential plot for construction of house-Exemption can not be denied on ground of technical constraint that no permission was granted by ADDA to transfer land in name of assessee till date of investment-Income from other sources-Value of land-Difference in value of land given by DVO and value of land mentioned by assessee in transfer deed was less than 5 per cent, no addition was warranted on account of differential amount between value of land given by DVO and value of land. [S. 45, 56(2)(viib)]

S. 54 : Capital gains-Profit on sale of property used for residence-Sale deed refers possession of property was taken on 31-3-2015-With within period of one year before date of sale of original asset-Covenants in sale deed executed and registered were conclusive in absence of any evidence to contrary-Entitled for deduction.[S.54F]

S. 54 : Capital gains-Profit on sale of property used for residence-Cost of improvement-Expenditure incurred for habitable-Proper electrification, water facilities, wood work, glass work, etc-Allowable as deduction. [S. 45, 48]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Objection to valuation of property-Assessing officer is duty bound to refer matter to DVO in terms of Section 50C(2)[S. 45, 50C(2), 147, 148]

S. 45(4) : Capital gains-Distribution of capital asset-Dissolution of firm-Revaluation of asset-Crediting amount of said revaluation to partners’ capital account-Transfer-Profit or gain arising from transfer is taxable in hands of firm-, Fair market value fixed by stamp duty value authorities should be taken as deemed full value of consideration for purpose of section 48 of the Act. [S. 45, 48, 68]

S. 45 : Capital gains-Capital asset-Family settlement-Right of possession agreement-Undisclosed sources-Matter is restored to file of Assessing Officer to examine aforesaid facts.[S. 2(14), 69]

S. 44BBB : Foreign companies-Civil construction-Turnkey power projects-Offshore supply contracts-Business profits-Income deemed to accrue or arise in India-Business connection-Contracts were carried out and concluded outside India, income received from offshore supply contracts would not be taxable in India-DTAA-India-Russia. [S. 9(1)(i), Art. 7]

S. 43(5) : Speculative transaction-Loss from derivative transaction-Speculative transaction-Matter is restored to Assessing Officer to specifically examine same whether derivatives had been dealt with by assessee and whether such derivatives were transacted through recognised stock exchange as defined in section 43(5)(d).-Cash credits-Matter remanded. [S.43(5)(d), 43(5)(e)]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Export commission-Sales, marketing and customer support services rendered outside India by foreign agents-Cannot be treated as Fees for technical services-Not liable to deduct tax at source-DTAA-India-Korea.[S.9(1)(vii): Art. 13]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Software training services outside India-Not required to deduct tax at source-OECD Model Convention, Article 12. [S. 9(1)(vii)(b), 195]