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2014 (4) TMI 888 - ITAT DELHIDisallowance u/s 94(7) of the Act - Short term capital loss on sale of mutual funds – Held that:- The assessee during the relevant year under consideration had bought and sold units or mutual funds of Birla Basic Indu. Sel. Sec. Fund and Reliance Vision Fund - A perusal of information with respect to transaction set out against SL No. one would show that the record date is 19.01.2007 and the date of purchase is 19.10.2006 which is within a three months from the record date - The assessee received by way of dividend on 19.01.2007 - The sale of the said securities took place on 23.01.2007 which was also within a period of three months from the record date, i.e. 19.01.2007 - the purchase date as well as the date of sale was not in consensus with the statutory period of time prescribed by section 94(7) – thus, there was no reason to interfere in the order of CIT(A) – Decided against Assessee.
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