The assessee contended that FIFO method should be applied person wise and not account wise. Tribunal held that it would lead to an anomaly for identification of shares. After the introduction of S. 45(2A) and Depositories Act, 1996, those participating in the depositories mechanism will have to accept FIFO as a way of maintaining securities. (Circular No 768 dt 24 th June 1998 (1998) 232 ITR 5 (St) (ITA No. 2020/del/2017, dt. 14.06.2019)(AY. 2009-10, 2010-11)
Radhika Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 / 180 DTR 329 (Delhi)(Trib), www.itatonline.org Dr. Prannoy Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 (Delhi)(Trib), www.itatonline.org
S. 45(2A) : Capital gains-Depository- Security–Demat–Multiple accounts-FIFO method–Should be applied to account wise and not person wise. [S. 2(42A)]