2017 (8) TMI 1418

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..... 1.4.2005, the legislature has inserted clause(b) providing that if a person who has acquired securities or units prior to the record date and has sold or transferred such securities or units within three or nine months of such date respectively, the loss, if any, arising out of such transaction to the extent it does not exceed the amount of dividend or income received or receivable on such securi .....

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..... d in deleting the disallowance of ₹ 3,06,82,812/made by Assessing Officer by invoking the provision of section 94(7) of the Act? 2. The issue pertains to invocation of clause(b) of subsection (7) of section 94 of the Income Tax Act ( the Act for short) for the assessment year 20042005. During the assessment, the Assessing Officer noticed that the assessee had purchased and sold several .....

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