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2014 (1) TMI 494 - HC - Income TaxWhether transaction of shares on line trading is speculative transaction as specified under Section 43(5) - Held that:- Section 43(5)(d) of the Act was introduced by Finance Act 2005 w.e.f 1.4.2006. The said provision would thus be applicable from assessment year 2006-07 - The assessee's claim that it was entitled to set off short term capital loss, has been rightly declined by the authorities below - Decided against assessee. Whether the date on which the units were sold would fall outside the ambit of three months from the record date - Held that:- According to Halsbury's Laws of England third Edition Volume 37, the word 'month' has been described as - When the period prescribed is a calendar month running from any arbitrary date the period expires with the day in the succeeding month immediately preceding the day corresponding to the date upon which the period starts; save that, if the period starts at the end of a calendar month which contains more days than the next succeeding month, the period expires at the end of the latter month - In common parlance, the 'month' is hardly understood as a calendar month according to the Gregorian calendar, but it by and large means “space of time from a day in one month to the corresponding day in the next - Both the general tenor of the term as well as the clear meaning that could be derived from the interpretation of the term occurring in S. 12(2) of the Rent Act clearly point to only one conclusion, namely, that the month referred to there is a span of time between two dates of two Contiguous months and not a calendar month - The period of three months reckoned from the date of purchase of the units on 26.12.2003, would expire on 26.3.2004 - The Assessing Officer, CIT(A) and the Tribunal were right in holding that the provisions of Section 94(7) (b) of the Act were fully applicable - Decided against assessee.
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