PMS fees on short-term capital gains from shares not deductible u/s 48 of Income Tax Act.

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....Deduction on account of portfolio management (PMS) fees allocated towards the Short term capital gains on sale of shares u/s 48 - the same not being an expenditure incurred wholly and exclusively in connection with the transfer of the shares out of which STCG had arisen to the assessee - expenditure not allowed.....