S. 54B : Capital gains-Land used for agricultural purposes-Purchasing of agricultural land in the name of third person (i.e. wife)-Not entitled to claim exemption. [S. 45]

S. 54B : Capital gains-Land used for agricultural purposes-Order of CIT(A), allowing the claim is affirmed. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-AO deputed inspector for inspecting the property-AO made the deduction as per the inspector report and added the rest income to be taxed-Assessee contented that the two units were not independent-Held, the two units were separated residential houses. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Bonafide mistake-Claim made under section 54F-Entitled to avail the benefit. [S. 45, 54F]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Reference to District Valuation Officer-Determined value higher than consideration but less than stamp duty value-Remanded to the AO to re-determine the fair market value with specific directions. [S.45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Date of agreement to sell-Date of registration-Amendment by way of Finance Act, 2016 effective from 01.04.2017-insertion of proviso to S. 50C(1) is clarificatory in nature-Applicable on pending matters-Sale value lesser than stamp duty valuation-addition made by the AO is deleted. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Additional ground is admitted-Matter remanded to the CIT(A).[S.. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Release deed-Indexation-Property acquired through the release deed-Indexation only from the date of execution of the release deed.[S. 45, 48]

S. 49 : Capital gains-Mode of Computation-Indexed cost-Acquired under will-Previous owner-Computed with respect to year in which previous owner first held asset and not in year in which assessee became owner of asset-Brokerage and commission-Legal expenses-Allowable as deduction-Payment of compensation to vacate the premises-Allowable as deduction. [S. 45, 48]

S. 45 : Capital gains-Share Swap Transaction-The value of investments in SRL and the value of shares issued are at the same value on the assets and liabilities side, thus, there is no question of earning of any capital gain-Not liable to be taxed as short term capital gains. [S. 4]