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2015 (10) TMI 1073 - AT - Income TaxShares held for 12 months - long term capital gain or short term capital gain - entitlement to exemption u/s. 10(36) - Held that:- We find that by Finance Act, 2003 a new clause (36) has been inserted in section 10 of the Act w.e.f. 01.04.2004 so as to provide that any income arising from the transfer of long term capital asset, being an eligible equity share in a company purchased on or after 01.03.2003 but before 01.03.2004 and held for a period of twelve months or more shall be exempt from tax for and from AY 2004-05. It means that this circular and the clause (36) as inserted in section 10 by Finance Act, 2003 clearly mentioned the holding period of shares as twelve months or more for claiming exemption in respect of long term capital gains in relation to shares. There is no dispute that the assessee has held the shares for twelve months, as noted in the assessment order by revenue, there is no scope for any other interpretation other than that the shares held by the assessee are long term capital asset eligible for exemption under clause (36) of section 10 of the Act. Hence, we confirm the order of CIT(A) and allow the claim of the assessee. - Decided in favour of assessee.
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