S. 56 : Income from other sources-Purchase of immoveable property-Agreement value and stamp valuation was less than 10 per cent-Addition is held to be not justified-Amendment made in section 50C(1) by inserting third proviso by Finance Act, 2018, with effect from 1-4-2019 is curative in nature and same would apply retrospectively. [S. 50C(1), 56(2)(vii)(b)]

S. 55A : Capital gains-Reference to valuation officer-Long term capital gains-Valuation as on 1-4-1981-Amendment to section 55A(a) inserted with effect from 1-7-2012 by Finance Act, 2012 providing for making reference by AO to DVO for determination of value of property sold by assessee was not applicable retrospectively. [S. 45, 50C, 55A(a)]

S. 54B : Capital gains-Land used for agricultural purposes-HUF-Ownership-Land registered in the name of co-parcener-Land purchased out of sale proceeds of sale of agricultural land of HUF-Exemption cannot be denied.[S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Ownership of new property-New residential property was purchased in joint names of assessee, her daughter and son-Entitle to exemption. [S. 45]

S. 48 : Capital gains-Computation-Cost of acquisition-Indexation cost-Joint Development agreement-Accounting treatment in books of account cannot determine the taxability under income-tax Act-Indexed cost of acquisition-Indexation was allowed till the taxable event of capital gains and not till the date of entering in to development agreement with developer-Provision of section 45(2) cannot be applicable to the assessee who is not a developer. [S 45, 45(2), 145]

S. 48 : Capital gains-Computation-Assignment of rights-No consideration was received from lessor-Not taxable as capital gains. [S. 45]

S. 45(5A) : Capital gains-Joint development agreement-Ready reckoner value-Actual consideration-Fair market value-Value of consideration shown as per agreement has to be accepted-Provision of section 45(5A)) cannot be made applicable for the Assessment year 2015-16. [S. 45, 48, 50C]

S. 45 : Capital gains-Land dealings-Stock in trade-Shown as investment for seven years-Assessable as capital gains and not as business income. [S. 2(13), 28(i)]

S. 43(6) : Written down value-Block of assets-Waiver of loan-Asset purchased in earlier year-Written back from capital reserve-No adjustment can be made. [S. 2(11), 2(24)(xviii), 32, 41(1), 43 (1)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Presumptive taxation-Remission of income tax liability of employees borne by assessee pertaining to earlier years-Not chargeable to tax-Claimed deduction and allowed-The income would be chargeable to tax-Matter remanded. [S.44BB(2)]