https://www.taxtmi.com/caselaws?id=214634 Amounts distributed from an estate administrator were treated as non-taxable in the assessee's hands because the estate had already been separately assessed, the assessee held only a right to receive sale proceeds, and there was no transfer or extinguishment of a capital asset right to attract capital gains. The facts also lacked the commercial character needed to treat the receipts as business income. Portfolio management service fees were not allowable in computing capital gains because they were not shown to be incurred wholly and exclusively in connection with the transfer, or to form part of cost of acquisition or improvement. No disallowance under section 14A was warranted where no expenditure was claimed against exempt dividend income. en-us Wed, 30 May 2012 00:00:00 +0530 Tue, 10 Jul 2012 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214634 Amounts distributed from an estate administrator were treated as non-taxable in the assessee's hands because the estate had already been separately assessed, the assessee held only a right to receive sale proceeds, and there was no transfer or extinguishment of a capital asset right to attract capital gains. The facts also lacked the commercial character needed to treat the receipts as business income. Portfolio management service fees were not allowable in computing capital gains because they were not shown to be incurred wholly and exclusively in connection with the transfer, or to form part of cost of acquisition or improvement. No disallowance under section 14A was warranted where no expenditure was claimed against exempt dividend income. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214634