Dismissing the appeal of the revenue the Tribunal held that ; the delivery instructions were issued by assesse to depository participant on date of sale itself. Relevant share transactions were effected at same price as was quoted on stock exchange on said date, therefore loss incurred from said sale transactions was to be allowed as long term capital loss to the assesse. (AY. 2009 – 2010)
Dy. CIT v. UMIL Share & Stock Broking Services Ltd. (2018) 171 ITD 713 / 170 DTR 441/ 196 TTJ 91(Kol)(Trib.)
S. 45 : Capital gains –Long term capital loss- Shares sold to a group concern in off market transaction at same price as was quoted on stock exchange on relevant date, loss incurred from said sale transactions was to be allowed as long term capital loss.[S.2(29B ]