Capital Gains: Date of Purchase or Sale Not Excluded for Computing Period of Holdings !

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The tax rate for long term capital gains on listed shares sold through recognized stock exchange is NIL and the short term capital gains is 15 % for listed shares.How do you consider a capital asset as long term or short term is given in section 2 (42A) of the Income tax Act which states that a capital asset held for more than 36 months ( 12 months  in case of shares or units )  are long term capital assets.

However, the issue is whether the date of purchase of an asset is counted for the purpose of computing period of holding . This interesting issue was before Delhi High court in Bharti Gupta Ramola vs CIT [2012] 251 CTR 139 (DELHI)/72 DTR 387 in which the facts were that