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Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Nature of Receipts - AO directed to treat the Proceeds realized ...

Income Tax

April 19, 2014

Nature of Receipts - AO directed to treat the Proceeds realized from sale of Certified Emission Reduction (CERs) generated out of Capital Projects registered with UNFCCC as capital receipt - AT

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  1. Management or Business Consultant Service - assistance in implementing Clean Development Mechanism (CDM) - sale and management of certified emission reduction...

  2. Nature of receipt - proceeds realized by the assessee on sale of Certified Emission Reduction Credit - assessee had earned it on the Clean Development Mechanisam in its...

  3. CENVAT Credit - input service - “success fee” payable against the sale of Certified Emission Reduction - whether the appellants are entitled to service tax credit on...

  4. Business Auxiliary Service or Club / Association service - sale of Carbon Emission Reduction (CER) Certificates - The applicant received the sale proceeds and...

  5. Receipt from transfer of Carbon Emission Reduction ("CER") - carbon credits are not offshoot of business but offshoot of environmental concerns and hence not chargeable...

  6. Sale proceeds realized over and above the cost of asset cannot be categorized as business income under commercial principles rather it represents capital receipt - AT

  7. Deduction u/s 80-IA - the income on sale of certified emission reduction/carbon credit would form part of the profit and gains of business ; however, cannot be treated...

  8. Sales tax subsidy treated as capital receipt - nature of receipt - Whether the subsidy amount can be adjusted in the cost of depreciable assets? - AT

  9. Treatment of sales tax subsidy - CIT(A) treated it as revenue receipts - , it would be in the nature of capital receipt not liable to tax - AT

  10. Treatment of income earned from sub-letting of business service center – AO directed to treat the impugned receipts in both the assessment years under the head business income - AT

 

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