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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Incentive/ subsidy on sale of sugar – The subsidy under the ...

Income Tax

November 25, 2013

Incentive/ subsidy on sale of sugar – The subsidy under the scheme was given for repayment of the term loans as the incentive to carry on business in the essential commodity - The receipt was revenue receipt - HC

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  1. 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...

  2. Interest subsidy received under the Technology Upgradation Fund Scheme – utilized for repayment of loans taken by the assessee to set up the new unit - held as capital...

  3. Characterization of income - subsidy received - Focus Marketing Scheme - the amount was not an export incentive, but rather capital receipt and therefore, not taxable. - HC

  4. IT - extra money collected against levy of sugar in view of the incentive scheme of the Govt. - not taxable.

  5. 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...

  6. 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

  7. 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

  8. Capital or revenue receipt - incentives - excise duty refund, interest subsidy and insurance subsidy held as capital receipts .... – HC

  9. Valuation of closing stock of incentive sugar (free sugar) - One cannot have a stock valuation which converts a capital receipt into revenue income - SC

  10. 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...

 

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