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2016 (2) TMI 1356 - AT - Income TaxDisallowance being fees paid under Portfolio Management Scheme(PMS) as not deductible expenditure u/s 48(1) against Short Term Capital Gain (STCG) computed by the Appellant during the year under consideration - HELD THAT:- It is noticed that this is issue recurring from the earlier assessment years. It is further observed that the Tribunal while deciding the issue in assessee’s own case for the assessment year 2008–09 in the order referred to above, followed its earlier order in assessee’s own case for the assessment year 2006–07 and held that PMS expenditure is not allowable while computing income from short term capital gain. Respectfully following the consistent view of the Tribunal in assessee’s own case, we decide the issue against the assessee by dismissing ground raised. Disallowance of depreciation and society charges - HELD THAT:- It is observed, while deciding similar issue in assessee’s own case [2015 (9) TMI 1104 - ITAT MUMBAI] claim of the assessee was denied by the authorities below in the absence of the particulars of the person having not been provided by the assessee. In all fairness we are of the view that the matter needs to be looked into by the AO, in order to verify claims of the assessee. Following the principles of natural justice we may it fit deem to the restore this issue back to the file of the AO to verify the names of the employees to whom the premises have been allotted and in whose hands the perk has been offered. Reasonable opportunity of hearing shall be afforded to the assessee. The ground of appeal no. 4 raised by the assessee is thus allowed for statistical purposes. As there is no material difference in facts, respectfully following the aforesaid view of the Tribunal, we restore the matter back to the file of the Assessing Officer with similar direction. This ground is allowed for statistical purposes. Ad–hoc disallowance being 5% of various expenses - HELD THAT:- On a perusal of the order of the Tribunal assessment year 2008–09 [2015 (9) TMI 1104 - ITAT MUMBAI] it is noticed that while deciding the issue of ad–hoc disallowance of 5% out of various expenses, the Tribunal did not interfere in the matter and upheld the disallowance. Following the order of the Tribunal, we uphold the disallowance by dismissing the ground raised by the assessee.
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