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2014 (4) TMI 167 - GUJARAT HIGH COURTDeduction u/s 8O-HHc of the Act – Computation of total turnover – Held that:- The decision in Pogagen AMP Nagarsheth Powertronics Ltd.[2014 (3) TMI 934 - GUJARAT HIGH COURT ] followed – The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts - Under Section 2(24) of the Act the word "income" includes profits and gains - Decided against Revenue. Claim of LTCG on sale of Mutual Funds - Whether the Tribunal is right in directing to allow the claim of Long Term Capital Loss on sale of units of Mutual Funds – Held that:- The decision in CIT., Mumbai Versus M/s. Walfort Share & Stock Brokers P. Ltd. [2010 (7) TMI 15 - SUPREME COURT] has to be followed - after 1.4.2002, also the Parliament had not treated the dividend stripping transactions as sham or bogus and in that view of the matter by applying section 94(7) of the Act also loss to be ignored would only be to the extent of dividend received and not the entire loss - The Tribunal committed an error in ignoring the fact that the decision in the case of the assessee for the earlier year was rendered in the background of un-amended section 94 – here, amended section 94 and in particular sub-section(7) had to be applied – the AO is directed to compute the loss – Decided partly in favour of Revenue.
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