https://www.taxtmi.com/caselaws?id=279379 The tribunal dismissed the assessee's appeal on the disallowance under Section 14A as not pressed. Regarding the treatment of income from Portfolio Management Services (PMS), the tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to treat the income as Capital Gains, emphasizing that gains from discretionary PMS are derived from investment activities, not trading. The tribunal found no merit in the Revenue's arguments and dismissed both the assessee's and the Department's appeals. en-us Fri, 12 May 2017 00:00:00 +0530 Fri, 15 Mar 2019 07:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279379 The tribunal dismissed the assessee's appeal on the disallowance under Section 14A as not pressed. Regarding the treatment of income from Portfolio Management Services (PMS), the tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to treat the income as Capital Gains, emphasizing that gains from discretionary PMS are derived from investment activities, not trading. The tribunal found no merit in the Revenue's arguments and dismissed both the assessee's and the Department's appeals. Case-Laws Income Tax Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279379