https://www.taxtmi.com/caselaws?id=65488 The ITAT dismissed the Revenue's appeal, confirming that the short-term capital loss claimed by the assessee from the sale of mutual fund units was valid for the assessment year 2003-04. The ITAT held that the provisions of s. 94(7) IT Act were not applicable as the assessee did not receive any dividend or income on the units in question. Additionally, it was clarified that s. 94(8) IT Act, dealing with bonus units, could not be applied retrospectively to the assessment year in question. en-us Sat, 02 Aug 2008 00:00:00 +0530 Thu, 19 Jul 2012 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65488 The ITAT dismissed the Revenue's appeal, confirming that the short-term capital loss claimed by the assessee from the sale of mutual fund units was valid for the assessment year 2003-04. The ITAT held that the provisions of s. 94(7) IT Act were not applicable as the assessee did not receive any dividend or income on the units in question. Additionally, it was clarified that s. 94(8) IT Act, dealing with bonus units, could not be applied retrospectively to the assessment year in question. Case-Laws Income Tax Sat, 02 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65488