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TMI Blog2010 (3) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... 003 – Revenue’s appeal dismissed - 2843/AHD/2007 - - - Dated:- 26-3-2010 - G.D. AGARWAL, VICE PRESIDENT J, AND MAHAVIR SINGH JUDICIAL MEMBER J, Smt. Neeta Shah for the Appellant. Mukesh M. Patel for the Respondent. ORDER G.D. Agarwal ( Vice-President ) This is the Revenue's appeal against order of the Commissioner of Income-tax (Appeals)-XIV, Ahmedabad datedApril 27, 2007for the assessment year 2004-05. The only ground raised in this appeal is as under : "1. The learned Commissioner of Income-tax (Appeals) has erred in law and on facts in deleting the addition of Rs. 21,65,988 on account of loss claimed in respect of Tata Mutual Fund (Tata Index Nifty Plan)." 2. At the time of hearing before us, it is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eding month numerically corresponding to the day of its beginning less one ; that the RBI has also clarified in respect of calculation of interest on the securities that each month is to be taken as the period of 30 days. He, therefore, submitted that if a month is taken as 30 days, three months would be 90 days. The assessee has sold the unit after 92 days from its purchase. If the definition of the month is taken as taken by the hon'ble Calcutta High Court, then also three months would be completed onFebruary 24, 2003 while the assessee has sold the unit onFebruary 25, 2003. He, therefore, submitted that either way the conditions prescribed under section 94(7) are not satisfied and the Commissioner of Income-tax (Appeals) rightly deleted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... calculation of accrued interest in case of transactions in G-section is 30/360, i.e. , each month is to be taken as having 30 days and each year is to be taken as having 360 days, irrespective of the actual number of days in the month. So, months like January, February, March, May, July, August, October and December are to be taken as having 30 days." (FAQs on the Debt Markets - By BSE Debt Segment, Bombay Stock Exchange Ltd. (BSE)]" 2.3 I have gone through the observations of the Assessing Officer as contained in the assessment order and also considered the submissions made on behalf of the appellant. On a careful consideration of the same, I find favour with the contention of the appellant that the Assessing Officer was not justified i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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