S. 54 : Capital gains-Profit on sale of property used for residence-Invested entire amount of sale consideration towards construction of new house-Delay of 31 days in depositing the amount in capital gains account-Denial of exemption is not justified. [S. 45, 139(1)]

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase or construction-Exemption should be allowed if amount is invested on or before due date of filing of return under section 139(4).[S.45,54(2), 139(1),139(4)]

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase-Agricultural land which was to be converted into non-agricultural property-Amount paid to builder before filing of return-House is registered beyond prescribed period-Eligible to claim exemption. [S. 45]

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-Long term capital gains at FMV computed by indexation of Stamp Duty Valuation as on date of sale, rather than entire sale consideration is justified-Jurisdiction of Commissioner (Appeals) does not extend to introducing an altogether new source of income.[S. 28(i), 45, 251]

S. 45: Capital gains-Income deemed to accrue or arise in India-Business connection-Capital gains-Non-Resident-Cost of acquisition-Short term capital loss-TRC produced-Matter remanded to the file of Assessing Officer-DTAA-India-USA.[S. 9(1)(i), Art. 13]

S. 45 : Capital gains-Family arrangement-Transfer of shares under family arrangement-Transfer of shares as per direction of Company Law Board (CLB )-Not transfer-Not liable to capital gains tax.[S. 2(47)]

S. 44AD :Presumptive basis-Civil contractor-State Public Works Department relating to road construction-Estimate of net profit at 4 percent on turnover basis is affirmed.[S. 44AB, 144]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-liability of sundry creditor-Capital asset-Capital expenditure-Neither put to use nor claimed depreciation-Addition cannot be made.

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of land-Payment of cash on demand by seller-Seller admitted the receipt of cash-Disallowance is deleted. [R.6DD]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Real estate developer-Purchase of land as capital asset-Commercially exploited later as stock in trade-Provision of section 40A(3) cannot be applied.[S. 45(2)]