S. 56 : Income from other sources-Fraudulently received refunds from income tax department by producing forged challans and parked same in accounts operated by him-Taxable on accrual basis even if the said amount was recovered by the Govt. of India in subsequent years-Deduction-Recovery of income did not constitute an expense incurred wholly and exclusively for purpose of earning income under section-Disallowance is affirmed. [S. 2(24), 4,57, 132]

S. 56 : Income from other sources-Amalgamation-No transfer of shares-Addition is deleted.[S. 47(vii), 56(2)(vii(c)]

S. 56 : Income from other sources-Purchase of flat prior to insertion of clause (x) of sub-section (2) of section 56 by Finance Act 2017-Provision is not applicable-Addition is deleted.[S.56(2)(x)]

S. 56 : Income from other sources-Under construction property-Gift-Increase in GST adjustment of GST value in total value of consideration would not fall within ambit of section 56(2)(x).[S. 43CA, 50C, 56(2)(x)]

S. 56 : Income from other sources-Tolerance limit-DVO’s valuation report-Amendment introduced by Finance Act, 2020, increasing tolerance limit under section 56(2)(x)(b)(B) from 5 per cent to 10 per cent, has retrospective effect and applies to assessment year 2018-19.[S.56(2)(x)(b) (B)]

S.54F : Capital gains-Investment in a residential house-Return not filed-Exemption cannot be denied.[S 139, 148]

S. 54B : Capital gains-Land used for agricultural purposes-Growing paddy crop-Lands used for agricultural purposes two years immediately preceding date on which land was sold-Entitle to exemption. [S. 45, 143(3)]

S. 54B : Capital gains-Land used for agricultural purposes-Land was not used for agricultural purposes for two years immediately preceding date of transfer-Not entitle to exemption. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of development rights-Notionally assignment of development rights-Provision is not applicable.[S. 45]

S. 50 :Capital gains-Depreciable assets-Block of assets-Immovable property-Stamp value and actual consideration-Matter is remanded to Assessing Officer for de novo consideration as per the provisions of section 43CA read with section 50C of the Act.[S.43CA, 45, 50C]