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2015 (5) TMI 44 - AT - Income TaxApplication for rectification or order u/s 254(2) - Disallowance of short term capital loss on account of sale / purchase of shares - AO treated the transaction as Sham - it was held by the Tribunal in these cases that it cannot be accepted that any loss was incurred during this period from 07/12/2007 to 15/12/2007 and therefore, the claim of the assessee regarding short term capital loss is not allowable. However, it was held by the Tribunal as per Para 6 of the impugned Tribunal order that since the assessee was also holding old shares on 07/12/2007, the loss incurred by the assessee should be held to be allowable as long term capital loss having been incurred on sale of these old shares. Now in these Misc. Applications, this is the argument of the assessee as per Para 20 of the Misc. Application, as reproduced above, that the issue regarding long term capital loss was not before the Tribunal and therefore, the direction of the Tribunal in this regard is beyond the authority of the Tribunal. Held that:- As per above discussion, we have seen that none of the objections raised by the assessee in the Misc. Application is having any merit and therefore, this Misc. Application is liable to be dismissed. - Decided against the appellants.
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