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2016 (2) TMI 694 - AT - Income TaxTreatment of income of Portfolio Management Fees (PMS) - STCG or business income - Held that:- Finding of AO for treating the income from PMS is income from business and not STGC, are erroneous and the same is set-aside, and we direct the AO to treat the income from PMS as income on account of STGC. Disallowance of STCL u/s 94(7) - Held that:- As we have noticed that the assessee purchased mutual fund of three different companies on 12.04.2004 and sold on 14.12.2004 on a total loss of ₹ 41,431/-, thus, all the transaction/sale/purchase were made within 9 months, hence, the assessee is not entitle to claim STCL.
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