Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (6) TMI 16 - HC - Income TaxAvoidance of tax by certain transactions in securities – Section 94(7) - ITAT hold that clauses (a), (b) and (c) of Section 94(7) of the Income Tax Act, 1961, are to be satisfied independently or cumulatively - The question that falls for consideration is as to whether the conditions spelt out in clauses (a), (b) and (c) of subsection (7) are cumulative. In the present case, the assessee had purchased certain units within a period of less than three months from the record date, but admittedly, the units were sold beyond a period of three months from the record date. The question that falls for consideration is as to whether the conditions spelt out in clauses (a), (b) and (c) of subsection (7) are cumulative. In the present case, the assessee had purchased certain units within a period of less than three months from the record date, but admittedly, the units were sold beyond a period of three months from the record date. Held that: From the Memoranda explaining respectively the Finance Bills of 2001 and 2004, it is evident that the conditions prescribed in clauses (a), (b) and (c) of Subsection 7 are intended to be cumulative in nature. – decided in favor of assessee
|