Investment in new residential house within a year prior to sale of capital asset would provide sec.

IT: Investment made for purchase of new residential house within a year even prior to sale of capital asset raising LTCG would be entitled to section 54F exemption

Department couldn’t reverse input tax credit allowed by it earlier without providing for hearing cha

CST & VAT : Where Assessing Authority had reversed entire claim of input tax credit under section 19(16) without giving opportunity of hearing to assessee, matter was remitted for fresh adjudication after giving opportunity of hearing

Whole premium paid on Keyman Insurance policy was deductible even if policy cover extended to next y

IT-I : Where assessee earned certain income from sale of shares, in view of fact that assessee utilised its own funds to purchase shares and, moreover, it carried out only a few transactions in said shares during relevant year, income in question was liable to be taxed as capital gain

No sec. 69A addition in hands of buyer for cash received from builder if it was already taxed in han

IT : Where cash payment in sale of land was denied by both parties and said cash amount had already been taxed in hands of builder, addition of same in hands of assessee was not sustainable

Place of removal can't be deemed to be 'factory gate' at all time even if duty is payable at fixed r

Cenvat Credit : Even in cases where duty is payable at 'specified fixed rate', 'place of removal' cannot be presumed to be 'factory gate' always and has to be determined on facts and circumstances; and if 'place of removal' is 'premises of consumer', assessee will be entitled to take credit of transport services up to customer's premises

Respondent solely in control of co. can’t challenge share valuation due to auditor’s disclaimer in h

CL: Where respondent was solely in control of affairs of company when audited balance sheet was prepared based on which share valuation was done, respondent could not later on challenge valuation report on ground of disclaimer of opinion in balance sheet or non-consideration of debit notes