Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 243 - ITAT MUMBAIAsset management company - addition made on account of Load charges received in respect of management of different schemes of Mutual Fund - assessee contended that load had been collected on behalf of the mutual fund and does not belong to the assessee - Held that:- Assessee had only received load which had been accounted separately and adjusted for various expenses of the scheme to which it was entitled. Balance amount had been transferred to the Mutual fund, from time to time. As per regulation 52(2) of SEBI Regulations and agreement between the asset management company and mutual fund, the assessee as an asset management company is entitled to advisory fees at a specific rate and reimbursement of certain expenses as specified in regulation 52(4). The assessee is not entitled to any other benefit. Under these circumstances, making any addition on account of load is not justified - Decided in favor of assessee.
|