Home Highlights August 2011 Year 2011 This

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1. Deduction u/s 80 IB - Central Excise Duty refund & interest subsidy - held as Capital receipt - AT

2. Revenue or capital receipt - The HC has held that, Excise duty refund, Interest subsidy and Insurance subsidy received with the object of creating avenues for perpetual...

3. Addition on account on account of interest subsidy and excise refund - incentives to new industrial units and substantial expansion of the existing units - J & K -...

4. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

5. VAT subsidy - Characterization of receipts - taxability of receipts - The refund now VAT as given to the industrial undertakings only for the purpose of fulfilling the...

6. Subsidy or incentive - purpose tests for grant of subsidy/incentive - incentives received in the form of Sales Tax and Central Excise benefit - revenue or capital...

7. Taxability of subsidy - revenue of capital - subsidy to establish the industrial unit in backward regions of the Maharashtra State is in nature of capital receipt -...

8. Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

9. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

10. Deduction u/s 80IB on Central Excise Duty refund - receipt of the subsidy was capital in nature as the assessee was obliged to utilize the subsidy only for repayment of...

11. Excise duty refund - revenue or capital income - eligibility for deduction u/s 80IB - subsidy received by way of refund of excise duty for setting up new industrial...

12. Chargeability to income-tax of incentives by way of refund of Excise Duty and Exemption of Sales Tax - nature of receipt - not taxable - Since the same is as capital receipt.

13. Nature of incentive subsidy - Capital or revenue receipt - subsidy on the purchase of generator set - the same is capital subsidy and should go on to reduce the cost of asset - AT

14. Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

15. Nature of sales tax incentive - revenue receipt OR Capital subsidy - the incentive received by the assessee under the PSI, 2007 scheme in the form of refund of sales tax...