S. 54 : Capital gains-Profit on sale of property used for residence-Utilized other funds (apart from sale consideration) for constructing new residential house-Deduction under section 54 could not be denied [S. 139(4)]

S. 54 : Capital gains-Profit on sale of property used for residence-Capital gains exemption-Date of possession-Date of agreement-Date of possession considered as date of purchase-Beneficial provisions to be liberally interpreted.[S.45, 144C, 147]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Date of agreement and date of sale-Part payment of consideration was received prior to execution of agreement to sell As Shown By Bank Statement Of Assessee-Jantri rate applicable as on date of agreement to sell was much lower than agreed price-Entitled to benefit of first and second provisos to Section 50C-Addition is deleted. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-No part of consideration was received in cheque before agreement-Sale consideration for capital gains should be assessed based on the date of registration rather than the agreement date-Reinvesting proceeds from sale of agricultural land in new agricultural land registered in the name of son-Denial of exemption is not valid. [S.45, 54B]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Applicability to sale of stock-in-trade-Conversion of capital asset to stock-in-trade-Section 50C is not applicable on sale of stock-in-trade-Reopening based on audit objection is invalid [S. 147, 148]

S. 48 : Capital gains-Mode of Computation-Brokerage or commission in connection with transfer-Disallowance cannot be made only because agreements with respect to commission services not submitted-Disallowance is not justified-Cost of improvement-New pleas could not be raised before Tribunal [S.45]

S. 47(iii) : Capital gains-Transaction not regarded as transfer-Gift-Company-Living Person capable of making gift-No attributes like love and affection is prescribed-Transfer of plots by Assessee by way of gift deed in favour of another company is valid gift-Not liable for capital gains tax-Person-Living Person. [S. 45,50C, Transfer of Property Act, 1882, S. 5, 122]

S. 43B : Deductions on actual payment-Late payment of Employees’ contribution to Provident Fund-Disallowance is justified.[S.36(1)(v)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Transporters-Each payment was less than Rs 35000/-Matter remanded.

S. 40(a)(ia): Amounts not deductible-Deduction at source-Only interest and not principal-Form No 26A filed-Delay is condoned-Matter remanded. [S.194A, 201(1)]