Section 94(7)(b) of Income Tax Act applies to speculative trading in shares from Dec 26, 2003, to Mar 26, 2004.

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....Line trading in shares - speculative transaction - The period of three months reckoned from the date of purchase of the units on 26.12.2003, would expire on 26.3.2004 - provisions of Section 94(7)(b) were fully applicable - HC....