https://www.taxtmi.com/caselaws?id=60171 Loose diamonds disclosed under the Voluntary Disclosure Scheme were treated as having been acquired in assessment years 1966-67 to 1970-71, because the affidavit and related material showed that the reference was to assessment years rather than accounting years. On that factual basis, the diamonds were held for more than 60 months before sale in February and March 1976, so they did not qualify as short-term capital assets under section 2(42A). The capital gain was therefore long-term, and the assessee was entitled to the corresponding deduction under section 80T. en-us Thu, 29 Jan 1981 00:00:00 +0530 Tue, 04 Jan 2011 11:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60171 Loose diamonds disclosed under the Voluntary Disclosure Scheme were treated as having been acquired in assessment years 1966-67 to 1970-71, because the affidavit and related material showed that the reference was to assessment years rather than accounting years. On that factual basis, the diamonds were held for more than 60 months before sale in February and March 1976, so they did not qualify as short-term capital assets under section 2(42A). The capital gain was therefore long-term, and the assessee was entitled to the corresponding deduction under section 80T. Case-Laws Income Tax Thu, 29 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60171