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2016 (8) TMI 106 - GUJARAT HIGH COURT

2016 (8) TMI 106 - GUJARAT HIGH COURT - TMI - Disallowed capital loss - Held that:- Tribunal was right in allowing the short term capital loss on sale of mutual funds within one day after earning tax free dividend income thereon. - TAX APPEAL NO. 709 of 2009 - Dated:- 25-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR TUSHAR P HEMANI, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A .....

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A.Y. 2001-02 on 12.10.2001 declaring total income of ₹ 3,92,910/- , which included long term capital gain of ₹ 2,20,954/- . The same was processed u/s.143(1) of the Act. Subsequently, the case was selected for limited scrutiny and thereafter, assessment order was passed on 25.11.2002 determining the total income at ₹ 4,28,610/- . However, the case was reopened by issuing Notice u/s.148 of the Act and ultimately, order was passed on 24.11.2003 declaring total income at ₹ 6 .....

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t of Apex Court in the case of CIT v. Walfort Shares and Stock Brokers Pvt. Ltd., (2010) 326 ITR 01 (SC). He submitted that the aforesaid decision of the Apex Court has been relied upon by a Division Bench of this Court while deciding Tax Appeal Nos. 897/2007 & 898/2007 vide judgment and order dated 17.12.2014. For ready reference, the judgment dated 17.12.2014 is reproduced hereunder; 1. Since, the issue involved in both the appeals is common, they are heard together and disposed of by this .....

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ation, claiming short-term loss from A.Y. 2001-02. The cases of the assessees were taken-up for scrutiny by the concerned A.O. and he made certain additions / disallowances to the income of the respective assessee. The assessees, therefore, approached the learned CIT(A) by filing separate appeals, which came to be allowed in part. It appears that, then, the assessees as well as the Revenue carried the matter before the Tribunal, wherein, the Tribunal passed the impugned order. Hence, the present .....

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has already been answered by this Court in favour of the assessee vide its judgment, Dated : 23.06.2011, rendered in Tax Appeal No.896 of 2007 in the case of one of the assessees, herein. While disposing of Tax Appeal No. 896 of 2007, this Court took into consideration a decision of the Apex Court in CIT VS. WALFORT SHARES AND STOCK BROKERS P. LTD., (2010)326 ITR 1 [SC], wherein, the Apex Court, under the similar circumstances, answered the issue in favour of the assessee, observing and holding .....

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n the above argument of the Department. At the outset, we may state that we have two sets of cases before us. The lead matter covers assessment years before insertion of Section 94(7) vide Finance Act, 2001 w.e.f. 1.4.2002. With regard to such cases we may state that on facts it is established that there was a "sale". The saleprice was received by the assessee. That, the assessee did receive dividend. The fact that the dividend received was taxfree is the position recognized under Sect .....

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