https://www.taxtmi.com/article/detailed?id=8180 The Tribunal held that gains from shares managed through PMS were taxable as capital gains and, following a coordinate Pune Tribunal decision which had attained finality on the issue of allowability, allowed deduction of Portfolio Management Services fees from short term capital gains. The Tribunal relied on the contractual nature of PMS services governed by SEBI regulations, the practice of retention and taxation of fees in the hands of portfolio managers, and treated the fees as diversion at source and contractual expenditure incurred in earning capital gains. en-us Thu, 27 Sep 2018 10:02:57 +0530 Thu, 27 Sep 2018 10:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8180 The Tribunal held that gains from shares managed through PMS were taxable as capital gains and, following a coordinate Pune Tribunal decision which had attained finality on the issue of allowability, allowed deduction of Portfolio Management Services fees from short term capital gains. The Tribunal relied on the contractual nature of PMS services governed by SEBI regulations, the practice of retention and taxation of fees in the hands of portfolio managers, and treated the fees as diversion at source and contractual expenditure incurred in earning capital gains. Articles Income Tax Thu, 27 Sep 2018 10:02:57 +0530 https://www.taxtmi.com/article/detailed?id=8180