Portfolio Management Fees allowable as an expenditure

Shyam Sunder Duggal Vs ACIT (ITAT Mumbai)

The only grievance of the assessee is that the Ld.CIT (A) has wrongly confirmed the addition of Rs. 7,77,000/- made by the AO by making disallowance of fees paid to Portfolio Managers. As is clear from the record that the assessee paid Rs. 7,77,744/- to PMS providers and claimed the said amount on the ground that the said expenses is allowable expenditure u/s 48 of the Act. But, the AO rejected the contentions of the assessee holding that the management fees paid to Portfolio Manager

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