Gain from Portfolio Management Scheme (PMS) not Business Profit – ITAT Mumbai

Transactions carried out via Portfolio Management Scheme are clearly in the nature of transactions meant for maximization of wealth rather en cashing the profits on appreciation in value of shares. The very nature of Portfolio Management Scheme is such that the investments made by the assessee are protected and enhanced and in such a circumstance, it cannot be said that Portfolio Management is scheme of trading in shares and stock. Whether, the assessee is engaged in the business of dealing in shares or investment in shares is essentially a question of fact and

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