https://www.taxtmi.com/caselaws?id=179947 The Tribunal ruled in favor of the assessee, determining that income from purchases and sales of shares through Portfolio Management Scheme (PMS) should be treated as capital gain. Previous decisions in similar cases supported this classification, as the PMS Manager had sole investment discretion, no borrowed funds were used, and the average holding period exceeded two months. With no distinguishing features presented for the current years, the Tribunal set aside the CIT(A) orders and allowed the appeals. en-us Wed, 23 Jan 2013 00:00:00 +0530 Thu, 08 Jun 2017 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179947 The Tribunal ruled in favor of the assessee, determining that income from purchases and sales of shares through Portfolio Management Scheme (PMS) should be treated as capital gain. Previous decisions in similar cases supported this classification, as the PMS Manager had sole investment discretion, no borrowed funds were used, and the average holding period exceeded two months. With no distinguishing features presented for the current years, the Tribunal set aside the CIT(A) orders and allowed the appeals. Case-Laws Income Tax Wed, 23 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179947