S. 54 : Capital gains – Profit on sale of property used for residence – Investment in residential house outside India was held eligible for exemption ( Prior to amendment with effect from 1-4-2015 by Finance (No. 2) ACT, 2014). [ S. 45, 54F ]

S. 54: Capital gains-Profit on sale of property used for residence –Cost included furniture and fixtures –Exemption cannot be denied only on the ground that no claim was made in the return , if he is otherwise entitle to it .[ S.45 ]

S. 54: Capital gains – Profit on sale of property used for residence – If entire consideration was paid with in three years the assessee is entitle to exemption [ S.45, 54F ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Distress sale -Transactions between Government entities, provision cannot be applied . [ S. 45 ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation -Assessee was not a real owner of property and he transferred same on representative basis, provisions of section 50C could not be applied to assessee’s case in order to compute capital gain arising from sale of said property [ S.45 ]

S. 50B : Capital gains – Slump sale –Transfer of individual assets to sister concern without transfer of undertaking or business activity as a whole cannot be considered as slump sale [ S. 2(19AA), 2(42C ) ]

S. 47(iv) : Capital gains – Transaction not regarded as transfer – Subsidiary – A subsidiary of a subsidiary (step-down subsidiary) is also a subsidiary of the parent. Consequently, transfers between the holding company and the step-down subsidiary are not “transfers” which can give rise to capital gains or loss. [ S.45 , 48, Companies Act , S. 4(1)( c ), 108 ]

S. 45(4) : Capital gains – Distribution of capital asset – Revaluation of assets on retirement – On retirement the accounts are settled of retiring partners without distribution of capital assets , provisions of S. 45(4) cannot be invoked.Capital gains cannot be levied on the firm [ S. 2(47),45 ]

S. 45:Capital gains — Transfer — Development agreement- Capital gains is taxable in the year in which possession was handed over and not in the year in which the project was completed [ S. 54, 54F ]

S. 45: Capital gains- Cash credits- Penny stocks – When the identity and genuineness of transaction is established merely because , the investigation department has alleged that there is a modus operandi of bogus Long term capital gains scheme is not relevant if the same is not substantiated [ S.10(38), 68 ]