S. 56 : Income from other sources-Non-resident-Valuation of shares-Shares issued higher amount than to resident shareholders-Addition was not justified. [S. 56(2)(viib), Rule 11UA]

S. 54 : Capital gains-Profit on sale of property used for residence-Short term-Long term-Land-House constructed was sold in the same year of construction-Assessable as short term-Exemption is available only to long term capital gains-Consideration towards land to be assessed as long term capital gains-Cost of boundary walls-Deduction-Evidence was not produced-Deduction was denied. [S. 2(29A), 2(29B), 2(42A), 2(42B), 45, 48]

S. 54 : Capital gains-Profit on sale of property used for residence-Two residential house properties-Entitle for exemption-Amendment is from assessment year 2015-16. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Joint development agreement-Co-owner-Entitle to the exemption to extent assessee’s share of 42.5 per cent as specified under JDA on the cost of one flat only. [S. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Settlement deed-inherited property from grandfather-Entitled to benefit of indexation from date of his grandfather’s acquisition of said property. [S. 45, 49(1)(iii)(a)]

S. 48 : Capital gains-Computation-Full value of consideration-Joint development agreement-Co-owner-Indexation was allowed-Consideration plus the cost of two flats was considered as the full value of the consideration received from the transfer of property. [S. 45, 54]

S. 44AD : Presumptive taxation-Cash credit-Bank deposits in cash-Turnover-Submitted memorandum Trading and Profit and Loss account and Balance Sheet-Addition was deleted. [S. 68]

S. 43B : Deductions on actual payment-Employees contribution towards PF & ESI-Paid before due date filing of return-Allowable as a deduction-Amendment to provisions of sections 36(1)(va) and 43B vide Finance Act, 2021 were applicable prospectively in relation to the assessment year 2021-22 and subsequent years. [S. 2(24)(x), 36(1)(va), 139(1), 143(1)(a)(iv)]

S. 43(5) : Speculative transaction-Trading in commodity derivatives-Chargeable to commodities transaction tax-Recognised associations-Cannot be assessed as deemed speculative transactions-loss arising from derivatives can be set off against profit of medical derivatives business of assessee. [S. 70, 73]

S. 41(2) : Profits chargeable to tax-Balancing charge-Asset continued to hold-losses arising from impairment in the value of assets-Impairment in value of the asset was calculated on registered valuer report-Provision is not applicable-Loss not allowable as a deduction. [S. 41(1)]