S. 56: Income from other sources-Fixed deposit with bank-Assessable as income from other sources-Interest expenditure-, Deduction under section 57(iii) was to be allowed after examining the nexus of the same with interest income. [S 57 (iii)]

S. 56: Income from other sources-Share premium-valuation of unquoted shares-Order of CIT(A) deleting the addition is affirmed. [S.56(2), (viib), R. 11UA]

S.54F: Capital gains-Investment in a residential house-Sale of land-Investment in construction of a residential property-Bank transactions comprising both withdrawals and payments were demonstrably available in support of claim-Exemption could not be disallowed solely on the ground that supporting vouchers or bills were on plain paper or not in preferred form.[S. 45]

S.54F: Capital gains-Investment in a residential house-Sale of non-agricultural land-No deposit was made in the capital gains account-Expenditure incurred towards the construction of the house till the due date for filing of return under section 139(4) was to be allowed as deduction under section 54F-Matter remanded. [S. 45, 139 (4)]

S. 54B: Capital gains-Land used for agricultural purposes-Reinvestment-Additional sale consideration from an escrow account-Reinvested in new asset-Matter remanded for reverification.[S. 45]

S. 50C: Capital gains-Full value of consideration-Stamp valuation-DVO valued the property more than the Stamp Valuation Authority-Assessing Officer was required to accept the full value of consideration as per value determined by the Stamp Valuation Authority, i.e Rs 3.21 crores. [S.45, 50C(3)]

S. 48: Capital gains –Mode of Computation-Investment in mutual fund-JM Balanced Fund-Short-term capital loss-Supported by proper documents and recorded in books-Disallowance by Assessing Officer based on suspicion of manipulation was unsustainable-There was no SEBI action or direct evidence of collusion-Short-term capital loss was allowable. [S.45, 94(7), 133A]

S. 48 : Capital gains –Mode of Computation-Indexed cost-1/4th co-owner-Matter was to be remanded back to the file of Assessing Officer with a direction to work out the correct LTCG derived on sale of asset.[S. 45]

S. 45: Capital gains-Transfer –General Power of Attorney-Assessee executed GPA authorising agent to deal with land-Agent sold portion thereof to a company-Mere execution of GPA did not constitute transfer under section 2(47) in favour of agent-Only actual sale consideration received for transfer was taxable in assessee’s hands, not any sum received by power agent.[S. 2(47)]

S.45: Capital loss-Sale of shares-Securities transaction tax–loss was allowable as a capital loss.