S. 54F : Capital gains-Investment in a residential house-Owned two residential property-Denial of exemption is justified. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Exemption claimed under wrong section-Surrender of tenancy rights-Claimed exemption under section 54 instead of section 54F-Entitled to claim exemption under section 54F without filing revised return. [S. 45, 54, 139]

S. 54F : Capital gains-Investment in a residential house-Sale of immoveable property-Purchase of three flats-Name of wife, son and himself-Flats purchased in name of assessee’s wife and son were also to be allowed-Renovation expenses-Issue remanded to the file of CIT(A). [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Plots of land sold which formed share of assessee were property held by assessee’s husband (Karta), capital gains could only be assessed in his hands-Exemption under section 54B/54F to assessee is not eligible. [S. 45, 54F]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-land sold-Objection for valuing as per stamp valuation-Reference to DVO-Assessing Officer was duty bound to refer valuation of said land to Departmental Valuation Officer. [S. 45, 50C(2)]

S. 48 : Capital gains-Computation-Compensation-Interest for clearance of encumbrance on land-99 per cent of shareholding of property was with co-owners-Compensation is made to self-Not allowable as deduction. [S. 45]

S. 45 : Capital gains-Joint Development Agreement-Transfer-Development of a plot of land-Transfer complete on execution of IDA-Capital gains is rightly assessed by the Assessing Officer. [S. 2(47)]

S. 48 : Capital gains-Computation-cost of acquisition-Fair market value on 1-4-1981-Fair market value of net assets-Shares were acquired by assessee before 1-4-1981-Option to substitute its cost of acquisition by fair market value of net assets as on 1-4-1981 is with assessee. [S. 2(22B), 49]

S. 45 : Capital gains-Sale of shares-Non-compete fee-Sale consideration cannot be partly attributable as business income [S. 28(va)]

S. 45 : Capital gains-Sale of property given as security as guarantor by director-Collateral security as a guarantor-Taxable in the year in which land was transferred to assignee to sale to recover loan for bank-Year of taxability was not examined-Matter remanded-Court made observation that the law may be amended to recover the tax from the borrower. [S. 2(47), 48]