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Caital Gain or Business Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 August 2010 In the recent judgement in Harsha N Mehta vs DCIT,Mumbai ITAT has ruled that profit derived from frequent Trading in Shares held for a short period is Business Income and not a Capital Gain.

What shall be the podition in respect of Portfolio Manangement Services(PMS) in respect of Shares and Mutual Funds where the activity is carried on by the Portfolio Manager and one doen't have any direct control over the transactions?Is there any case law in this regard?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 August 2010 It will depend upon the frequency of trading which is different in different PMS. No case law as yet for PMS taxability.

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