Section 136 of the Income Tax Act

An order refusing special leave to appeal to the Supreme Court, whether speaking or non-speaking, does not attract the doctrine of merger, meaning the order under challenge is not substituted.

The doctrine of merger applies when appellate jurisdiction is invoked, causing the operative part of a lower court's order or decree to merge into the superior court's order, whether it reverses, modifies, or affirms the original decision. The application of this doctrine depends on the nature of the appellate or revisional order, the scope of statutory provisions, and the subject matter challenged.

A return of income filed within the period allowed under Section 139(4) is valid for claiming exemptions and deductions, including those under Sections 54, 54F, and 80AC. However, depositing the unutilized capital gains in the Capital Gains Account Scheme is a statutory and mandatory requirement for claiming exemption under Section 54F.

The period of holding a flat for capital gains purposes commences from the date of the allotment letter and the first installment payment, not from the later date of possession or registration.

An assessee is entitled to a deduction under section 54 if substantial steps have been taken towards acquiring a new residential property, even if the sale deed has not yet been executed, provided the intention to purchase and invest is evident.

A direction from the Supreme Court constitutes an interim stay of proceedings, rendering reliance on contrary judgments untenable.