https://www.taxtmi.com/caselaws?id=271989 The ITAT directed the Assessing Officer to treat the income from Portfolio Management Services (PMS) as Short-Term Capital Gains (STCG) for both AY 2005-06 and 2006-07, overturning the reclassification of STCG as business income due to high volume and frequency of transactions. The ITAT also confirmed the disallowance of short-term capital loss under section 94(7) but dismissed the non-allowance of mutual fund loss as not pressed for AY 2005-06. Additionally, the ITAT allowed the appeal for AY 2006-07, maintaining the treatment of PMS income as STCG. en-us Fri, 15 Jan 2016 00:00:00 +0530 Wed, 24 Feb 2016 07:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271989 The ITAT directed the Assessing Officer to treat the income from Portfolio Management Services (PMS) as Short-Term Capital Gains (STCG) for both AY 2005-06 and 2006-07, overturning the reclassification of STCG as business income due to high volume and frequency of transactions. The ITAT also confirmed the disallowance of short-term capital loss under section 94(7) but dismissed the non-allowance of mutual fund loss as not pressed for AY 2005-06. Additionally, the ITAT allowed the appeal for AY 2006-07, maintaining the treatment of PMS income as STCG. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271989