https://www.taxtmi.com/caselaws?id=259481 The Tribunal upheld the CIT(A)'s decision, concluding that the income of Rs. 1,76,03,581/- should be classified as short-term capital gains, not business income. The Portfolio Management Fees (PMS) were deemed not allowable as business expenditure due to the income classification. Additionally, the loss on trading of derivatives was accepted as a business loss rather than a speculative loss, allowing for set off against other income. The Tribunal's decision favored the assessee, dismissing the Revenue's appeal on all counts. en-us Mon, 27 Apr 2015 00:00:00 +0530 Tue, 12 May 2015 06:53:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259481 The Tribunal upheld the CIT(A)'s decision, concluding that the income of Rs. 1,76,03,581/- should be classified as short-term capital gains, not business income. The Portfolio Management Fees (PMS) were deemed not allowable as business expenditure due to the income classification. Additionally, the loss on trading of derivatives was accepted as a business loss rather than a speculative loss, allowing for set off against other income. The Tribunal's decision favored the assessee, dismissing the Revenue's appeal on all counts. Case-Laws Income Tax Mon, 27 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259481