The matter ought to be restored back to the Assessing Officer to examine whether the losses of bonus stripping should be allowed as there was no application of section 94(8) in the year under consideration. So far as loss on account of dividend stripping was concerned, the Assessing Officer is  directed to examine the holding period of the units before deciding the issue because section 94(7) is  not attracted due to the adequate holding period. (AY.2003-04)