Assignment of contractual property rights attracts capital gains, while penny-stock sale proceeds may be taxed as unexplained cash credits

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....Contractual and decree-based rights to obtain conveyance of immovable property constitute capital assets, and their assignment is a transfer taxable under Capital Gains rather than Income from Other Sources. Indexed cost of improvement requires verification of supporting documents and was remanded for fresh examination. The residential-house exemption claim was also remanded for consideration of evidence on fund utilisation, land acquisition and Capital Gains Account Scheme transactions. In alleged penny-stock transactions, surrounding circumstances and preponderance of probabilities may outweigh contract notes, banking records and demat statements; the share-sale proceeds were sustained as unexplained cash credit and the capital-gains exemption was denied.....