Dismissing the appeal of the revenue the Tribunal held that, the AO was not justified in treating the sale consideration in the hands of the beneficiary as short term capital gains in respect of shares received on the date of dissolution of Trust. For computing capital gains, period of holding of the previous owner i.e. the Trust to be considered .Sale consideration received on sale of shares has to be assessed as long term capital gains.

(ITA NO 583 /Mum/2016 dt. 18-1-2019, ITA NO 584/Mum/2016 dt 18-1-2019 (AY. 2006 -07)