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2012 (8) TMI 195 - AT - Income TaxTreatment to the income earned from sale and purchase of shares - Capital gain or business income ? - Held that:- As the issue stands covered in favour of the assessee by the decision of the Tribunal in assessee’s own case for A.Y. 2004-05 allowing the claim of Short term capital gain and Long term capital gain on sale of shares and redemption of mutual funds - as no decision reversing the decision of the Tribunal was filed & in absence of any contrary material brought to notice against the order of the Tribunal - decided against revenue. Fees paid to portfolio manager of Asset Management Company - should be allowable in computing income whether under the head “Business” or under the head “Capital gains" ? - Held that:- As decided in Homi K. Bhabha Vs. ITO [2011 (9) TMI 104 - ITAT MUMBAI]professional Fee or Management fee to portfolio manager is not deductible against capital gains - Considering the genuineness and essentiality of the payment of fee to the Portfolio manager and undisputedly for the predominantly for the said twin purposes of acquisition and sale of the securities, the claim has to be allowed - the claim of the must not be rejected for want of the express provisions in section 48 - decided in favour of assessee.
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