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The ITAT allowed the assessee's short-term capital loss on redemption of mutual fund units and dismissed the Revenue's appeals, thereby upholding the deletion of the assessment-level addition. The Tribunal applied its earlier ratio and SC authority to hold that, absent direct evidence of sham or SEBI censure and given the scheme's commercial features and a consistent investment pattern, a decline in NAV following dividend declaration is a market phenomenon and does not justify disallowance. Mere suspicion, generalized allegations, or reliance on survey-stage statements cannot negate genuine transactions. Consequentially the assessee is entitled to claim the short-term capital loss for tax purposes.
The ITAT allowed the assessee's short-term capital loss on redemption of mutual fund units and dismissed the Revenue's appeals, thereby upholding the deletion of the assessment-level addition. The Tribunal applied its earlier ratio and SC authority to hold that, absent direct evidence of sham or SEBI censure and given the scheme's commercial features and a consistent investment pattern, a decline in NAV following dividend declaration is a market phenomenon and does not justify disallowance. Mere suspicion, generalized allegations, or reliance on survey-stage statements cannot negate genuine transactions. Consequentially the assessee is entitled to claim the short-term capital loss for tax purposes.
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