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2016 (5) TMI 155 - AT - Income TaxDisallowance of an amount being Management Expenses incurred for earning Short term capital gain - Held that:- PMS expenses paid to portfolio managers being management expenses incurred with respect to securities / funds of the assessee being managed by portfolio managers, being disallowed by the AO and confirmed by the CIT(A), are not allowable as deduction u/s 48 of the Act from the full value of consideration on sale of securities received or accruing to the assessee. - Decided against assessee.
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