https://www.taxtmi.com/caselaws?id=216985 The Tribunal classified income from Portfolio Management Scheme (PMS) as "capital gains" instead of "business income" for assessment years 2003-04, 2004-05, and 2005-06. The disallowance of long-term capital loss on transfer of units of US-64 was dismissed, and interest charged under sections 234B and 234C was considered consequential. The appeals were partially allowed, instructing the Assessing Officer to determine the PMS income correctly based on the evidence presented by the assessee. en-us Fri, 06 Jul 2012 00:00:00 +0530 Sat, 09 Apr 2016 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216985 The Tribunal classified income from Portfolio Management Scheme (PMS) as "capital gains" instead of "business income" for assessment years 2003-04, 2004-05, and 2005-06. The disallowance of long-term capital loss on transfer of units of US-64 was dismissed, and interest charged under sections 234B and 234C was considered consequential. The appeals were partially allowed, instructing the Assessing Officer to determine the PMS income correctly based on the evidence presented by the assessee. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216985