Section 234C: PMS performance fees cannot be estimated for advance tax calculation

ASK Investment Managers Limited Vs DCIT ( ITAT Mumbai) Assessee was engaged in the business of Portfolio Management Services (PMS) and because uncertainty of stock market the performance fees which the assessee earned from its client could be ascertained only on the last day of the year. The ld. Counsel also submitted that it was impossible to estimate the performance fees as its earning will be based on the performance of the stock market upto the last date of the year. The CPC, Banglore has charged excess interest u/s 234C of the Act at Rs.8,51,047/- as referred supra in this order. The asse...