Court Rules PMS Income as Short-Term Capital Gain, Not Business Loss, Despite Rs. 5 Crore Investment.

Disallowance of business loss - treating the income derived by the assessee from Portfolio Management Services (PMS) transaction as short term capital gain - Merely because the assessee has invested a huge sum of ₹ 5 crore it cannot be treated as a business activity of the assessee. .....

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