Avoidance of tax by certain transactions in securities

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....his Act, to be the income of the owner and not to be the income of any other person. Explanation.-The references in this sub-section to buying back or reacquiring the securities shall be deemed to include references to buying or acquiring similar securities, so, however, that where similar securities are bought or acquired, the owner shall be under no greater liability to income-tax than he would have been under if the original securities had been bought back or reacquired. (2) Where any person has had at any time during any previous year any beneficial interest in any securities, and the result of any transaction relating to such securities or the income thereof is that, in respect of such securities within such year, either no income is....

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....elling back or retransferring the securities included references to selling or transferring similar securities. (6) The 2[Assessing] Officer may, by notice in writing, require any person to furnish him within such time as he may direct (not being less than twenty-eight days), in respect of all securities of which such person was the owner or in which he had a beneficial interest at any time during the period specified in the notice, such particulars as he considers necessary for the purposes of this section and for the purpose of discovering whether income-tax has been borne in respect of the interest on all those securities. 3[(7) Where- (a) any person buys or acquires any securities or unit within a period of three months prior to the....

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....uisition of such additional 8[securities or units] referred to in clause (b) as are held by him on the date of such sale or transfer.] Explanation.-For the purposes of this section,- (a) "interest" includes a dividend ; 9[(aa) "record date" means such date as may be fixed by- (i) a company; (ii) a Mutual Fund or the Administrator of the specified undertaking or the specified company referred to in the Explanation to clause (35) of section 10; or (iii) a business trust defined in clause (13A) of section 2; or (iv) an Alternative Investment Fund defined in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and E....

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....p;w.e.f. 01-04-1988 before it was read as, "Income-tax" 3.  Inserted vide Section 50 of the Finance Act, 2001 w.e.f. 01-04-2002 4.  Substituted vide Section 25 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 before it was read as, "(b) such person sells or transfers such securities or unit within a period of three months after such date;" 5.  Inserted vide Section 25 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 6.  Substituted vide Section 25 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 before it was read as, "(aa) "record date" means such date as may be fixed by a company or a Mutual Fund or the Unit Trust of India for the purposes of entitlement of....