Assessee-HUF claimed short-term capital loss on sale of shares.  Assessing Officer held that shares were acquired within period of three months prior to record date and same was sold within 3 months of record date, disallowed said loss as per provisions of section 94(7). The assessment was accepted. Penalty was levied. On appeal, Tribunal allowed and deleted penalty. On appeal by the Revenue the Court up held the order of Tribunal.   (AY. 2015-16)