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Income Tax - Highlights / Catch Notes

Home Highlights August 2011 Year 2011 This

Capital or revenue receipt - incentives - excise duty refund, ...

Income Tax

August 5, 2011

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

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  1. 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

  2. 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.

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

  4. 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

  5. Nature of Central Excise Duty Refund - refund under the sheme of the Union Government with regard to North Eastern State - the said receipts are capital receipts - AT

  6. 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 -...

  7. 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...

  8. Whether grant-in-aid received by the assessee is an incentive for conducting research so as to be treated as capital receipt and not as revenue receipt - Held yes - HC

  9. 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

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

 

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