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Mother can't be owner of property purchased by minor with his income

Where Assessing Officer had passed cryptic, non-speaking order, Commissioner was justified in invoking jurisdiction under section 263

IT : Where assessee sold capital assets and invested a part of it in a new residential house and claimed exemption under section 54F, since assessee was having only one residential house, assessee was eligible to claim exemption under section 54F

IT : Where assessee claimed long term capital gain on sale of flats received by her in exchange of surrender of her right in land, since capital gain had to be calculated on undivided interest on land component, Commissioner erred in determining same as short term capital gain; matter was to be readjudicated

IT : Where assessee refunded deposit amount received from developer, same could not be treated as additional sale consideration

IT : Where assessee received amounts towards additional amenities, parking charges, lift, common area, etc., from flat purchasers, which was in turn to be defrayed to respective agencies, these amount would not form part of sale consideration of flats

IT : Where assessee claimed deduction on expenditure for advice both at time of purchase and sale of shares but no evidence had been produced with regard to advice given, deduction claimed would not be allowed

IT : Where date of filing of return was extended and amount was deposited in terms of section 54F in bank account within such extended period, assessee would be eligible for deduction

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