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2010 (10) TMI 372 - AT - Income TaxDisallowance of loss - The restriction of loss to the extent of divided - Held that: - there is no restriction that dividend or income on such securities or units should be received in a particular year. The restriction is that such dividend or income should be exempt and, therefore, there is no force in the argument that since the dividend was received in the earlier, therefore, this provision cannot be applied. - the units have been redeemed therefore same would definitely constitute transfer for the purpose of sec.94(7) - Decided against the assessee.
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