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2014 (6) TMI 1032 - AT - Income TaxDisallowance of provision made for Leave Encashment on accrual basis - HELD THAT:- Assessee at the outset submitted that the above ground is covered against the assessee by the decision of the Pune Bench of the Tribunal in the case of Sister concern namely Serum Institute of India Ltd. In view of the above, the first ground by the assessee is dismissed. Claim of deduction of PMS fees from the capital gain - Claim u/s.48 against the Short Term Capital Gain declared in the return of income on sale of shares - Justification for claim under the head “Capital Gain” - capital gain’ or ‘business income' - HELD THAT:- As decided in KRA Holding [2013 (9) TMI 1013 - ITAT PUNE] e Tribunal in assessee’s own case has already taken a view in favour of the assessee. Since the AO & CIT(A) have followed the order for earlier year in the case of the assessee and since the order of CIT(A) for earlier year has been reversed by the Tribunal, therefore, unless and until the decision of the Tribunal is reversed by a higher court, the same in our opinion should be followed. In this view of the matter, we respectfully following the order of the Tribunal in assessee’s own case for A.Y. 2004-05 allow the claim of the Portfolio Management fees as an allowable expenditure. We find no infirmity in the order of the CIT(A) allowing the claim claimed u/s.48 against the Short Term Capital Gain declared in the return of income on sale of shares. Grounds raised by the Revenue are accordingly dismissed.
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