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Income Tax - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Nature of receipt - proceeds realized by the assessee on sale of ...

Income Tax

July 10, 2021

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 wind energy operations - it is capital receipt and not business income - HC

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  1. 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...

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

  3. 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

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

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

  6. 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.

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

  8. 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

  9. Nature of receipt - Whether capital or revenue - It is a nature of entitlement to reduce carbon emission, however, there is no cost of acquisition or cost of production...

  10. Exemption u/s 10(23C)(iiiad) – computation of limit of ₹ 1 crores - sale proceeds of land and bonds cannot be equated to annual receipts as stated u/s 10(23C) - HC

 

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