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Smt. Nalini Navin Bhagwati C/o. M/s. Bhagwati Associates Pvt. Ltd. Versus The Income Tax Officer Ward 2 (1) (1) Mumbai.

2011 (8) TMI 1201 - ITAT MUMBAI

Excess amount realized on the investment in shares made through Kotak Mahindra Portfolio Management System - Nature of income - Held that:- Income declared by the assessee be assessed under the head 'Capital gain’ and not as 'Business income.’ - ITA .....

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assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 02.12.2009 in relation to the assessment year 2006-2007. 2. The only issue raised in this appeal through two grounds is that the learned CIT(A) was not .....

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Portfolio Management Scheme (PMS) a sum of ₹ 71,15,371 and other investment in mutual funds. These investments were shown in her capital account. The assessee also paid professional fees to Kotak Securities Limited (KSL) in respect of three ac .....

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investments, he held that the income shown by the assessee as short term and long term capital gain was required to be assessed as business income. The learned CIT(A) echoed the assessment order on this issue. 3. We have heard the rival su .....

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Radha Birju Patel. Vide order dated 30.11.2010 in ITA No.5382/Mum/2009 (to which one of us, namely, the learned JM is party) it has been held that the transactions carried out by the assessee s portfolio managers are in the nature of transactions ma .....

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id that PMS is a scheme of trading in shares. Resultantly the claim of the assessee was allowed thereby holding that the income was taxable under the head Capital gain and not as business income. Copy of the said order has been placed on record. The .....

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