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2005 (8) TMI 44 - HC - Income TaxCapital loss - A perusal of the judgment of the Calcutta High Court in the case of Oberoi Building and Investment Pvt. Ltd. no doubt shows that the capital gain arising on the sale of right to purchase the rights shares had been shown as short-term capital gain and assessed as such. However, no dispute had been raised by the Revenue about the nature of the capital asset. The Calcutta High Court, therefore, had no occasion to deal with the question as to whether the capital gain was short-term or long-term in nature. Thus, this judgment cannot be said to be an authority on the proposition that the date of the decision of the company to issue the rights shares is the date of acquisition of the right to receive the rights shares for determining as to whether such right is a long-term capital asset or a short-term capital asset. No other point has been raised. In view of the above, we find no merit in these appeals and dismiss the same
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