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)]

S. 45 : Capital gains-Business income-Sale of shares-Shown as investment-Assessable as capital gains and not as business income.[ S. 28(i)]

S. 45 : Capital gains-Penny stock-Purchase and sale through banking channel-Addition as cash credit is deleted.[ S. 10(38)) 68,]

S. 44 : Insurance business-Depreciation-Allowable to insurance company. [ S. 30 to 43B]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Provision for various expenses-Not in apposition to identify the parties /creditors-Provisions which were made on estimate basis were reversed in month of April i.e. in subsequent financial year and that when payments were made based on actual invoices, tax was deducted at source as per provisions of Act-Disallowance is deleted. [ S. 145]