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TMI Blog2014 (4) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... e, i.e. 19.01.2007 - the purchase date as well as the date of sale was not in consensus with the statutory period of time prescribed by section 94(7) – thus, there was no reason to interfere in the order of CIT(A) – Decided against Assessee. - ITA No. 979/Del/2013 - - - Dated:- 14-3-2014 - Shri J. S. Reddy And Shri A. T. Varkey,JJ. For the Appellant : A. K. Khurana, CA For the Respondent : Sameer Sharma, Sr. DR ORDER Per A. T. Varkey, Judicial Member This appeal is preferred by the assessee against the order of the ld CIT(A)-XXIII, New Delhi dated 22.11.2012 for the Assessment Year 2007-08. 2. The grounds of appeal are as follows:- 1. That the order passed by the Learned Commissioner of Income Tax (Appeals) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed as per the provision of section 94(7) of the Act. Thus the appellant was assessed at total income of Rs. 38,92,070/- after disallowance of short term capital loss of Rs. 6,31,850/- (1,42,932/- + 4,88,918/-). Aggrieved by the said order of the ld Assessing Officer the assessee preferred an appeal before the ld CIT(A), who vide order dated 22.11.2012 upheld the order of the Assessing Officer and dismissed the appeal preferred by the assessee. Aggrieved by the said order of the ld CIT(A) the assessee is before us. 5. The relevant details of transaction of purchase and sale are as under:- Particulars Birla basic Indu. Sel Sec. Fund Reliance Vision Fund Record date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et us peruse section 94(7)which is reproduced below:- 94(7)Where- (a) any person buys or acquires any securities or unit within a period of three months prior to the record date; (b) such person sells or transfers- (i) such securities within a period of three months after such date; or (ii) such unit within a period of nine months after such date; (c) the dividend or income on such securities or unit received or receivable by such person is exempt, then the loss, if any, arising to him on account of such purchase and sale of securities or unit, to the extend such loss does not exceed the amount of dividend or income received or receivable on such securities or unit, shall be ignored for the purpose of computing his income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration had bought and sold units or mutual funds of Birla Basic Indu. Sel. Sec. Fund and Reliance Vision Fund. A perusal of information with respect to transaction set out against SL No. one would show that the record date is 19.01.2007 and the date of purchase is 19.10.2006 which is within a three months from the record date. The assessee received by way of dividend of sum of Rs. 4,29,038.40/- on 19.01.2007. The sale of the said securities took place on 23.01.2007 which was also within a period of three months from the record date, i.e. 19.01.2007. In respect of transaction against Sl. No. 2, the record date was again on 19.01.2007. The assessee purchased the units on 19.10.2006 which was within the period of three months of the record d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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