2010 (11) TMI 1074

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..... me Tax Act. In this behalf assessee had stated that she had purchased the shares of M/s Suma Finance and Investment Ltd. in the month of March, 2001 and April, 2001 which were sold in May, 2002 and November, 2004 2. Her case was that the shares were purchased for a sum of `3,24,200/-. The share were ultimately sold for a total sum of ₹ 52,74,760/-. She thus pleaded that long term capital .....

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..... that when the shares were purchased in March, 2001 and April, 2001, the date on which they were sold and demat i.e. March, 2002 could not be taken the date as of purchase. ITAT is perfectly justified in taking the date of purchase as March, 2001 and April, 2001 and, therefore, the gain has to be treated as long term capital gain and the assessee was entitled to exemption u/s 54 (F) of the Act. .....

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