https://www.taxtmi.com/caselaws?id=216706 The High Court dismissed the appellant's appeal challenging the disallowance of short term capital loss on the sale of mutual fund units under Section 94(7) of the Income Tax Act. The Court upheld that the amendment made by the Finance Act (No.2) of 2004 applied retrospectively from April 2005, covering the period of loss incurred by the appellant. Additionally, the Court rejected the appellant's argument that units should be considered securities under the Act, emphasizing the legislative intent to treat securities and units separately under Section 94(7). en-us Fri, 07 Sep 2012 00:00:00 +0530 Tue, 18 Sep 2012 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216706 The High Court dismissed the appellant's appeal challenging the disallowance of short term capital loss on the sale of mutual fund units under Section 94(7) of the Income Tax Act. The Court upheld that the amendment made by the Finance Act (No.2) of 2004 applied retrospectively from April 2005, covering the period of loss incurred by the appellant. Additionally, the Court rejected the appellant's argument that units should be considered securities under the Act, emphasizing the legislative intent to treat securities and units separately under Section 94(7). Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216706