Portfolio Management & Performance Linked Fees not allowable against Capital Gain

ACIT Vs Apurva Mahesh Shah (ITAT Mumbai) Portfolio Management Fees and Performance Linked Fees were paid by the assessee to his portfolio manager i.e. M/s Enam Assets Management Company (P) Ltd. towards service charges for making investments of his funds and managing the portfolio of securities, therefore, 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, had thus rightly been held by the A.O as not allowable as a deduction under Sec. 48 of the Act. We thus, in terms of our aforesaid obs...