S. 71 : Set off of loss-One head against income from another-Set-off loss against under the head salaries-Not permissible-Depreciation loss is allowed to subsequent year. [S. 32, 71(2A) 72]

S. 68 : Cash credits-Shares at high premium-Genuineness of transaction and identity and creditworthiness of share applicants were proved-Addition is held to be not justified-Income from other sources-Provisions of section 56(2)(viib) inserted by Finance Act, 2012 with effect from 1-4-2013 to examine justification of share premium would apply prospectively from assessment year 2013-14. [S.56(2)(viib)]

S. 56 : Income from other sources-Non-resident-Additional evidence filed first time before Appellate Tribunal-Matter remanded. [S. 6, 56(2)(viib), 254(1)]

S. 56 : Income from other sources-Shares allotted in lieu of purchase consideration for an acquired asset-May adopt either NAV method or DCF method-Assessing Officer can determine fresh valuation but cannot change method of valuation opted by Assessee. [S. 56 (2)(viib), Rule 11UA(2)(b)]

S. 54F : Capital gains-Investment in a residential house-No evidence to show that investment in house property-Denial of exemption is held to be valid-Reassessment is held to be valid [S. 45, 147, 148]

S. 50B : Capital gains-Slump sale-Windmills-Separate undertaking-Sale along with liabilities-Capital gains to be computed as capital slump sale. [S. 2(19), 2(42C), 45, 50, 80IA]

S. 48 : Capital gains-Cost of improvement-Development expenses incurred on land before its sale was required to put property in saleable condition would be allowable-Transfer of land along with wells, baories, road, boundary wall etc. as these were attached to land, proportionate cost of these structures against full value of consideration in terms of sale deed so executed would be allowable-Legal expenses incurred for filing of two court cases in respect of invalid sale deeds-Not allowable as deduction. [S. 45]

S. 45 : Capital gains-Sale of shares-Long term capital gains-Purchase and sale of shares through security broker by online portal and, Securities transaction tax was also paid-Addition cannot be made as cash credits-Denial of exemption is not justified-Reassessment is held to be valid. [S. 10(38), 68, 147, 148]

S. 45 : Capital gains-Relinquishing rights to claim specific performance by conveyance in respect to an immovable property-Assessable as capital gains and not as income from other sources [S. 2(14), 2(47), 56]

S. 45 : Capital gains-Transfer-Sale deed executed-Sale transaction could not materialise-Posted cheque issues dishonoured-Not liable to capital gain tax. [S. 2(47)(v)]