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2010 (3) TMI 730 - AT - Income TaxSale of unit - as per the provisions of section 94(7) of the Income-tax Act, as it stood at the relevant time, if the assessee sold a unit within the period of three months after its purchase, the loss arising therefrom is to be disallowed - assessee purchased the unit on November 25, 2003 and the same was sold on February 25, 2004, which was after 92 days from the date of purchase - Even if month to month basis is to be considered then the three months after the date of purchase would complete on February 24, 2004 - units were sold on February 25/2004 which was not within the period of three months from the date of the purchase, i.e., November 25, 2003 – Revenue’s appeal dismissed
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