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Section 172: Shipping business of non-residents

Shipping business of non-residents. 172. (1) The provisions of this section shall, notwithstanding anything contained in the other provisions of this Act, apply for the purpose of the levy and recovery of tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock, mail or goods shipped at a...

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Is MCX Futures & Options Trade Speculative or Business Activity?

Futures & Options

There is great confusion regarding the nature of Futures & Option (derivative) trades executed through MCX . The confusion has, perhaps, aggravated after the recent decision dt 17/09/2012 by Mumbai Tribunal in case of ACIT vs Arnav Akshay Mehta IT Appeal No. 2742 (Mum.) of 2011 in which the issue was whether the derivative transaction...

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