Whether the Interest income is taxable under head PGBP or under head Other sources ?In general, Interest Income is either assessed as 'Business Income

Riya Travels and Tours India Pvt. Ltd v. CESTAT [2014] Case Brief: The assessee “Riya Travels and Tours India Pvt. Ltd.” is engaged in the business of providing taxable service under the category “Air Travel Agent” and is registered with the Service Tax Department. They claim to be discharging their service tax liability on the […]

The Residential Status of an Individual is to be determined on the basis of period of stay of the taxpayer in India and is computed separately for each year. If an individual satisfies any one of the following conditions, he is said to be Resident in India for that financial year. The basic conditions are: a. He is […]

[soundcloud url=”https://api.soundcloud.com/tracks/183743317?secret_token=s-rmSHM” params=”auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&visual=true” width=”100%” height=”450″ iframe=”true” /] Rose Valley Case Summary: The SEBI had initiated a process of inquiry in year 2010. It was alleged in such notice, addressed to the second petitioner, that he had been mobilizing deposits from the public. Reference was made to Section 12(1B) of the SEBI Act and the CIS […]

[soundcloud url=”https://api.soundcloud.com/tracks/183742636?secret_token=s-JMrDC” params=”auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&visual=true” width=”100%” height=”450″ iframe=”true” /] Since the shares of private limited company are not freely transferable therefore it does not come under the purview of SCRA as the purpose of the Act was to control securities which were normally dealt on the stock exchange, that is to say Public Limited Companies. Thus since […]