S. 56 : Income from other sources-Former Cricketer-Revised return-Amount shown as taxable in the return-Return is accepted-Delay of 1993 in filing the appeal before CIT(A) is condoned-One-time benefit received by assessee, a former cricketer, from BCCI in recognition of his services to Indian cricket-Exempt under section 56(2)(vii)-BCCI is a trust registered under section 12AA of the Act. [S. 12AA, 56 (2)(vii, 143(1), Art. 265]

S. 56 : Income from other sources-Part consideration was paid as per allotment letter-Allotment of new flat was made in continuation of replacing of earlier allotment letter-Addition is deleted.[S. 56(2)(x)]

S. 56 : Income from other sources-Purchase of immovable property-Sale agreement dated 1-6-2012 and received possession on same day-Document was registered on 27-6-2013-Provision was inserted in statute with effect from 1-4-2014-Addition is deleted [S. 56(2)(vii)(b)(ii)]

S. 56 : Income from other sources-Sale of immoveable property-Sale consideration and stamp value-Provisions is applicable to purchaser and not seller-Matter is remanded back to Assessing Officer.[S. 56(2)(x)]

S. 56 : Income from other sources-Purchase of land along with other co-owners-Difference between fair market value and purchase consideration was approximately 10 per cent of purchase consideration of property-Addition was deleted. [S.56(2)(x)]

S. 54 : Capital gains-Profit on sale of residential property-Co-owner-Deduction allowable proportionately to extent of investment [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-The AO adopted SRO rate as sale consideration-Not referred to DVO-Matter remanded to Assessing Office to refer determination of FMV of asset to DVO. [S. 45, 48]

S. 48 : Capital gains –Mode of Computation-Interest paid on loan-Clear another loan-Required to be reduced from sale consideration received by assessee, being one of components of cost of acquisition.[S. 45]

S. 9(1)(vi): Income deemed to accrue or arise in India – Aircraft leasing – Multilateral Instrument (MLI) – Principal Purpose Test (PPT) cannot be applied in absence of specific Sec. 90(1) notification – Lease rentals not taxable as royalty – No Permanent establishment in India- Entitle to treaty benefit – DTAA -India Ireland .[ S. 9(1)(i) , 90(1) , 143(3) 144C(13), 234A, 234B, 270A, Art . 5, 6, 7 , 8(1) , 12(3)(a) ]

S. 45(4) : Capital gains-Distribution of capital asset-Dissolution of firm-Depreciable assets-Block of assets-Transfer of depreciable capital assets-Incoming partner-Liable to capital gains tax under Section 45(4), even though there was no distribution of assets among partners upon dissolution-Section 50 does not apply when asset’s value has already been taxed as capital gains under Section 45(4) [S. 2(11), 45, 50, 50A]