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2011 (5) TMI 498 - AT - Income TaxCondonation of delay - Business income vs. Capital gain - the parties mentioned that it was the subject-matter of the appeal for adjudication before this Tribunal in the first round of the proceedings in the assessee's own case in connection with appeals ITA Nos. 499 & 500/PN/08 and the Tribunal held that the securities in question being the investments, the sale proceeds of the same are assessable under the head 'Capital gains' and consequently, the Tribunal upheld the assessee's decision of taxing the same under the head 'Capital gains' - Decided in favor of the assessee Regarding fee paid to Asset Management Company - assessee submitted before the first appellate authority that the fee paid was correctly claimed as deduction the commutation of capital gains - It is evident and binding that the expenditure if undisputedly, necessarily and genuinely spent for the asset's transfer within the scope of the provisions of section 48 of the Act, the claim cannot be disallowed for want of the express provisions in section 48 of the Act - it is the settled position at the level of the Tribunal that the Portfolio management activity is an investment activity and neither the business activity nor the activity amounting to 'an adventure in the nature of trade - The expenditure is undisputedly for the twin purposes of acquisition of the securities and the sales of the same. The expenditure is arrived at on profits sharing basis, which is now allowable basis by the SEBI - Decided in favor of the assessee
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