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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Income from sale of carbon credits - Capital receipts vs Revenue ...

Income Tax

June 17, 2015

Income from sale of carbon credits - Capital receipts vs Revenue receipts - No asset is generated in the course of business but it is generated due to environmental concerns. - The receipt is in the nature of capital receipt - not taxable - AT

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  1. Sale of carbon credit - on the sale of excess Carbon Credits the income was received it is capital receipt and it cannot be business receipt or income - AT

  2. Receipts from sale of carbon credit - No asset is generated in the course of business, but it is generated due to environmental concerns. It was also found that the...

  3. Characterization of income - Transfer of Carbon Credits - the receipt on the sale of carbon credits is liable to be treated as capital receipts, admittedly, the...

  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. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

  6. 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...

  7. Nature of receipt - capital receipt or revenue receipt - On the sale of excess Carbon Credits the income was received and it is capital receipt and it cannot be business...

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

  9. 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

  10. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

 

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