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 ]

S. 50 :Capital gains – Depreciable assets – Block of assets – Rate of tax – Deeming fiction is to be confined only to section 50 and it could not convert short term capital asset into long term capital asset and vice versa for other purpose of Act – Rate of tax would be in terms of section 112 at rate of 20 percent and not 30 percent .[ S. 2(29AA) 2(29B ), 2( 42A) , 45 , 48,49, 112(1) ]