Tribunal Rules Management Fees Allowable for Short-Term Capital Gains, Favors Assessee in Interpretation Dispute.

Computation of short term capital gain - allowable expenditure u/s. 48 - management fees - The Tribunal observed that there were contradictory decisions regarding the allowability of management fees under Section 48 of the Act. Referring to precedent cases, the Tribunal noted that when two views are possible, the view favorable to the assessee should be preferred. Considering the arguments and precedents, the Tribunal allowed the appeal of the assessee. .....

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