S. 45 : Capital gains-Sale of shares-Cash credits-Penny stocks-Accommodation entries-Survey-Search-No fault was found in the documents submitted by the assessee-Sale proceeds cannot be assessed as undisclosed income-Reassessment was quashed. [S. 10(38) 68, 132, 133, 147, 148]

S. 45 : Capital gains-Shares-Purchased through broker on recognised stock exchange-Sold through stock exchange-Paid Securities Transaction Tax-Denial of exemption is not justified. [S. 10(38)]

S. 45 : Capital gains-Cost of acquisition-Value as on 1-4-1981-Departmental Valuation Officer adopting rate of Rs. 21 Per square metre average of three sale instances of land-Assessee adopting rate at Rs. 25.69 Per Square metre-Reasonable and accepted. S. 49]

S. 45 : Capital gains-Compulsory Acquisition of property-Co-owners-Matter remanded [S. 54F, Right To Fair Compensation And Transparency In Land Acquisition, Rehabilitation And Resettlement Act, 2013, Tamil Nadu Highways Act, 2001]

S. 45 : Capital gains-Cost of acquisition-Paid to assignment holder-Assignment agreement not registered-Allowable as deduction-Matter remanded for verification. [S. 19, 144C]

S. 45 : Capital gains-Income from other sources-Compensation received for constructed property on compulsory acquisition of land-Assessable as a capital gain-Directed to treat 60 per cent as cost of acquisition-Reassessment was held to be valid. [S. 48, 147, 148]

S. 45 : Capital gains-Accrual-Unregistered sale deed-Registration-Reference to Departmental Valuation officer-Matter remanded-[S. 2(47), Registration Act, 1908, S. 17, 19, Transfer of Property Act, 1882. [S. 53A]

S. 45 : Capital gains-Transfer-Agricultural land-Partnership firm was not an agriculturist-Transfer is void ab initio-Not chargeable to capital gains tax. [S. 2(47), 45(2), 45(3), Gujarat Tenancy and Agricultural Lands Act, 1948, S. 2(8)]

S. 45 : Capital gains-Insurance policy-Maturity value-Gains at time of extinguishment of rights-liable to be treated as capital gains-Cost of acquisition will be taken as amount paid towards premium minus 20 per cent of sum assured, which amount shall be treated as not part of investment, rather towards cost of hedging of risk under insurance policy. [S. 10(10D), 48, 56, 88(2A)]

S. 45 : Capital gains-Capital loss-Indexation-Loss on redemption of shares-Not colorable device-Allowable as capital loss.