09 March 2009
Mr X filled arbritration application against Mr Y who was declared a defulter by the Stock Exchange Mumbai.The final Award was RS 6,61,503 payable by Mr Y to Mr X alonge with interest @ 18% p.a. from 1-4-1994. Mr X received RS 22,22060 after deducting TDS of RS 1,99,404.(RS 17,59,961 as interest & RS 6,61,503 as principal) MR X liable for Capital gain? CAn mr. X liable for tax under income tax?
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