S. 56 : Income from other sources-Shares at premium-FMV-Addition is deleted. [ S. 56(2)(viib), R.11UA]

S. 56 : Income from other sources-Shares at premium-DCF method-Market value determined by Valuer-Assessing Officer has no right to change the method of valuation-Deletion of addition is affirmed. [S. 56(2)(viib), R.11UA]

S. 56 : Income from other sources-Capital gains-Sale of land-Stamp value-Cost of acquisition and improvement-Directed to allow the deduction. [ S. 45, 48, 56(2)(vii)(b)]

S. 56 : Income from other sources-Stamp duty valuation-Date of agreement-Valuation as on the date of allotment of the transaction value recorded in the registration document has to be considered-Matter remanded. [S.56(2)(x)]

S. 56 : Income from other sources-Gift received from Hindu Undivided Family (HUF)-Group of relatives-Exempt under section 56(2)(vii) of the Act-Amount received by member of HUF exempt under section 10(2) [ S. 10(2), 56(2)(vii)]

S. 56 : Income from other sources-Right shares-Allotted to proportionate to shareholding in company-Provision is not applicable in respect of allocation of rights shares allotted below FMV proportionate to his shareholding in company-Gifts-Additional shares received on account of renunciation of rights issue by wife and father-Relatives-Excluded from purview of operation of section 56(2)(vii)(c)-Renunciation of rights shares by third party shareholders in favour of assessee, allowing to gain controlling interest results in disproportionate allocation of rights shares in favour of assessee-Section 56(2)(vii)(c) shall apply, and income would be taxable-Share premium-Balance sheet-Balance sheet is not drawn up on date of allotment, for arriving at FMV of shares under section 56(2)(vii)(c)(ii), previous balance sheet which is audited and approved in AGM has to be taken into consideration, before allotment of share. [S. 56(2)(vii)(c), R.11UA(1)(c)]

S. 54B : Capital gains-Land used for agricultural purposes-Co-owner-Both seller and purchaser confirmed the transaction-There is requirement that the assessee should execute sale deed for claiming the exemption [ S. 45, 48, 55(2)(b)]

S. 45(4) : Capital gains-Distribution of capital asset-Dissolution of firm-Firm-Partners-Revaluation of assets-Amounts credited to partners capital account-Conversion of firm in to company-Not chargeable to tax in the hands of the partners.[ S.2(47), 45, 47(xiii)(b)]

S. 45 : Capital gains-Right to sue-Amount received as per consent decree in the suit for specific performance of agreement to sell-Arrangement amongst the parties-Not relinquishment of any right in favour of partners-Not assessable as capital gains.[ S. 4, 2(14)]

S. 45 : Capital gains-Additional evidence-Transfer-Development agreement-Possession of land was not handed over-Encroachment in land-Matter remanded to the Assessing Officer.[ S. 2(47), 254(1)]