S. 56 : Income from other sources-Issues of shares in excess of fair market value-Consideration received by Venture Capital Undertaking-Exception-Conditions prescribed satisfied-Premium of issue of shares not taxable. [S. 10(23FB), 56(2)(Viib), Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, S. 2(n)].
S. 56 : Income from other sources-Share premium-The additional shares of the assessee-company were issued and allotted on a pro rata basis to the existing shareholders-Addition is not justified. [S. 56(2)(viib)]
S. 56 : Income from other sources-Purchase of land for consideration less than value adopted for stamp value-Details not produced-Addition is confirmed. [S. 56(2)(vii)(b)]
S. 56 : Income from other sources-Purchase of land-less than stamp duty value-Not producing details of share-Difference between stamp duty and purchase value rightly added to income. [S. 56 (2)(vii)(b)]
S. 55 : Capital gains-Cost of improvement-Cost of acquisition-FMV as on 1-4-1981-Land situated in more appropriate location as compared to sale instance considered by DVO-FMV at Rs 607 per square meter for indexed cost of acquisition.[S. 45]
S. 54F : Capital gains-Investment in a residential house-Sale of agricultural land and two flats-Purchase of plot for construction-Not entitle to exemption. [S. 45]
S. 54F : Capital gains-Investment in a residential house-Purchase of office premises-Not residential premises-Not entitle exemption-Different survey number-Compromise deed-No connection with transfer-Not allowable as deduction [S.45, 48]
S. 54F : Capital gains-Investment in a residential house-Joint property-Factually incorrect finding-Matter remanded [S.45, 133(6)]
S. 54B : Capital gains-Land used for agricultural purposes-Acquisition by Government-Compensation-Offering capital gains to tax under mistaken belief-Addition denying the exemption was deleted. [S. 2(14)(iii)(b), 10(37), 139(1)]
S. 54B : Capital gains-Land used for agricultural purposes-Agricultural Land-Purchase of agricultural land in same year-Order of CIT(A) allowing the deduction was affirmed. [S. 45]