https://www.taxtmi.com/caselaws?id=191701 The Appellate Tribunal allowed the assessee's appeal for the assessment year 2007-08, directing the Assessing Officer to permit the deduction of Portfolio Management Services (PMS) fees when computing income from capital gains. This decision was based on the principle that when two views are possible on the same issue, the view favorable to the assessee should be followed, as established in previous cases. The Tribunal overturned the earlier disallowance by the Commissioner of Income Tax (Appeals) and instructed the Assessing Officer to allow the claimed deduction of PMS fees. en-us Wed, 29 Oct 2014 00:00:00 +0530 Fri, 14 Apr 2017 11:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191701 The Appellate Tribunal allowed the assessee's appeal for the assessment year 2007-08, directing the Assessing Officer to permit the deduction of Portfolio Management Services (PMS) fees when computing income from capital gains. This decision was based on the principle that when two views are possible on the same issue, the view favorable to the assessee should be followed, as established in previous cases. The Tribunal overturned the earlier disallowance by the Commissioner of Income Tax (Appeals) and instructed the Assessing Officer to allow the claimed deduction of PMS fees. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191701