Loss calculation clarification u/s 94(7) dividend stripping

Hi,

I have a question regarding section 94(7) when applied to mutual funds.

First to recap 94(7) for mutual funds :

"With effect from April 1, 2005, capital loss arising on sale of units, which are bought within 3 months prior to the record date (date fixed by the fund for the purposes of entitlement of the unitholder to receive the income) and sold within 9 months after the record date, shall be ignored to the extent of exempt income received or receivable on such units during the said period. "

https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2004ITAct/section94.htm

Now lets consider a scenario for Liquid Mutual Fund with Monthly Dividend. For the sake of clarity, lets assume

1. NAV on 1st of every month is Rs. 10.00
2. NAV on end of month is Rs. 11.00
3. Dividend of Re. 1.00 is paid out at the end of every month so that NAV falls to 10.00 on the first of the next month.

Now lets consider a hypothetical buy/sell timeline.

1. On March 30, 2011, I bought 100 units at NAV of 10.99 for total of INR 1099.
2. On March 31, 2011, I got dividend of Rs 1 * 100 = Rs 100.
3. Every end of subsequent months I got dividend of Rs 100.
4. On August 2, 2012, I sold 100 units at NAV of 10.01 for total of INR 1001

Now, here is the scenario :

1. I got a dividend (actually 3 dividends) from the date of purchase till 3 months from the date of purchase.
2. I sold my units within 9 months of receiving the last dividend.
3. However, there is NOT a single dividend which meets BOTH of the clauses of purchase before 3 months of record date and sell within 9 months of record date.

So in this case can I claim a Capital Gains loss of INR (1099 - 1001) = INR 98.

I am not sure if both or any of the clases need to apply.

What do you all think ?