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2013 (1) TMI 834 - AT - Income TaxNature of income earned by the assessees from purchase and sale of shares through Portfolio Management Scheme - Held that:- Assessees have been making investments in shares and units of mutual funds for several years which had been declared as investment in the books and income from which was being declared as capital gain and accepted by the department - with AY 2003-04 assessee started making investment through PMS - PMS Manager was authorized to purchase, acquire, obtain, take, hold, sell, transfer, substitute or change all or any of the investments made on behalf of the assessee - average holding period of the shares was more than two months - accordingly the income earned from PMS has to be assessed as capital gain - Decided as per assessees own case for the earlier years - Decided in favor of assessee
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