Portfolio Management Services income taxable under ‘Capital gains’

Arihant Patni Vs DCIT (ITAT Pune) Held that earning under Portfolio Management Services should be assessed under the head ‘Capital gains’ and not under the head ‘Profit and gains of business or profession’. Facts- AO made addition on account of income earned from Portfolio Management Services (PMS) as business income as against the claim of the assessee that is should be assessed under the head under capital gains. CIT(A) held that income earned under the head PMS should be assessed under the head ‘capital gains’. Being aggrieved, the revenue has preferred the present appeal. Conc...