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2007 (10) TMI 234 - HC - Income TaxCapital gain arising on the transfer of capital assets has to be worked out from date of the agreement under which the assessee was put in possession of property, hence impugned capital gain are only long term capital gain – shares transfer transaction was found not genuine, loss not deductible as capital loss – genuineness of cash credits not proved, hence assessable – not proved that films were exhibited, hence loss relating to distribution of films not deductible – appeal partly allowed
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