https://www.taxtmi.com/caselaws?id=270330 The Tribunal ruled in favor of the assessee, holding that the disallowance of short-term capital loss under sec.94(7) of the Income-tax Act, 1961 was not justified. The Tribunal emphasized that tax liability should be determined based on the law in force at the time of the transaction. As the transactions were completed before the amendment that would have imposed additional tax liability, the Tribunal concluded that the amended provisions should not be applied retrospectively. Therefore, the additional tax liability imposed by the Assessing Officer was deleted, and the appeal was allowed. en-us Fri, 13 Nov 2015 00:00:00 +0530 Fri, 01 Jan 2016 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270330 The Tribunal ruled in favor of the assessee, holding that the disallowance of short-term capital loss under sec.94(7) of the Income-tax Act, 1961 was not justified. The Tribunal emphasized that tax liability should be determined based on the law in force at the time of the transaction. As the transactions were completed before the amendment that would have imposed additional tax liability, the Tribunal concluded that the amended provisions should not be applied retrospectively. Therefore, the additional tax liability imposed by the Assessing Officer was deleted, and the appeal was allowed. Case-Laws Income Tax Fri, 13 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270330