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2016 (4) TMI 31 - AT - Income TaxCapital gain v/s business income - activity of transaction in shares/mutual by engaging PMS - Held that:- Activity of transaction in shares/mutual funds by engaging PMS was an investment activity and therefore the resultant gain was assessable under the head capital gains - Decided against revenue Disallowance u/s.14A - Held that:- As decided in assessee's own case CIT(A) has given a categorical finding that expenditure on PMS has not been claimed by the assessee and there does not remain any other expenditure other than this expenditure, therefore, no disallowance u/s.14A r.w. Rule8D can be made. The above factual finding given by the learned CIT(A) could not be controverted by the learned DR. - Decided against revenue
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