Dismissing the appeal of the assessee the Tribunal held that , Portfolio Management Scheme (PMS) fees paid by the assessee to the PMS Manager neither falls under the category of transfer fees nor cost of acquisition/improvement. Consequently it is not deductible while computing capital gains from sale of the shares.( ITA No. 6950/Mum/2016, dt. 30.05.2018)(AY. 2010-11)
Mateen Pyarali Dholkia v. DCIT (Mum)(Trib),www.itatonline.org
S. 48 : Capital gains – Computation -Portfolio Management Scheme (PMS) fees paid by the assessee to the PMS Manager neither falls under the category of transfer fees nor cost of acquisition/improvement. Consequently it is not deductible while computing capital gains from sale of the shares [ S.45 ]