Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2012 (7) TMI 577 - ITAT MUMBAI
Sale of shares - long term capital gains or short term - Whether purchase of the shares can be considered only on the date of dematerialization – Held that:- In view of the CBDT Circular No. 704 dtd. 28.4.1995 in case of securities the "date of purchase" has to be taken from the broker's note/contract note and the period of holding is also to be reckoned from the "date of purchase" and not from the "date of dematerialization" - Since the holding period of the shares as per the broker's note and its subsequent sale after dematerialization is more than 12 months, therefore, the shares become long term capital asset and the assessee's claim of long term capital gain is correct - order of CIT set aside and direct the A.O. to accept the long term capital gain declared by the assessee - appeal filed by the assessee is allowed.