S. 68: Cash credits-Share capital-Share premium-Assessee had demonstrated that subscribing companies were having adequate reserves and surpluses to invest-Addition is deleted.

S. 56: Income from other sources-Stamp valuation-Allotment letter-Registration-AO made addition as stamp duty value more than consideration paid-Consideration paid was as per allotment latter and not date of registration-Entitled to the benefits of proviso to Section 56(2)(vii)(b). [S. 56(2)(viib), 143(2)]

S. 56: Income from other sources-Interest on compensation-Assessable as income from other sources. [S.10(37), Land Acquisition Act, 1894, S 28]

S. 56: Income from other sources-Share premium-Conversion of a loan into share capital does not exonerate the assessee from the application of S.56(2)(viib)-Addition is affirmed. [S. 56(2)(viib)]

S. 56 : Income from other sources-Purchase of properties/payment of sale consideration & taking possession of property-Subsequent registration of sale Deed in the relevant AY-Addition deleted-Non-speaking order-Violation of principles of natural justice. [S. 56(2)(x)(b)]

S. 54F: Capital gains–Investment in residential house-50% ownership in property-Does not own more than one house at the time of the transfer of the original capital asset, would be entitled to claim the exemption u/s.54F, even if they lack absolute ownership of the property they are selling. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Property purchased by HUF-Through General Power of Attorney held by a coparcener-Held, valid transaction-Eligible for exemption. [S. 45]

S. 50C : Capital gains-Full value of consideration-Valuation for the purposes of Stamp Duty-Development rights-Assessee holding the land title in her name only for technical purposes-development rights of the land transferred to the partnership firm where assessee was a partner-.Assignment of development rights provision is not applicable. [S. 45]

S. 50C : Capital gains-Full value of consideration-Special provision for computation of full value consideration (Amendment)-difference between sale consideration and stamp duty-Stamp Duty Value of the Property purchase and Purchase consideration is less than the tolerance band of 10%-Provisions of Section 56(2)(x)-The assessee is entitled to the benefit of the tolerance limit of 6.56%.. [S. 56(2)(x)]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Stamp duty value of the property-Date of agreement-The AO is directed to consider the stamp duty value of the property, as on the date of agreement i.e. 03.06.2002/19.06.2002, as mentioned in the sale deed itself and recompute the capital gain/tax liability accordingly.[S.45]