Tribunal held that, PMS fees paid by assessee neither fell under category of transfer fees, nor cost of acquisition/improvement, therefore, same is not allowed for deduction while computing capital gain on sale of shares kept under Portfolio Management Scheme . (AY. 2010 – 2011)
Mateen Pyarali Dholkia v. DCIT (2018) 171 ITD 294 (Mum) (Trib.)
S.48 : Capital gains – Computation- Portfolio Management Scheme (PMS) – Deduction of PMS fee is not allowable as it is not a transfer fee, nor cost of acquisition/improvement.[ S.45 ]