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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Sale of carbon credit - on the sale of excess Carbon Credits ...

Income Tax

August 18, 2015

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

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  1. 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...

  2. 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...

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

  5. 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...

  6. Computation of book profit u/s 115JB - MAT - The carbon credit is credited to the Profit & Loss account held to be capital receipts and not exigible to tax - AO directed...

  7. Receipts of Non-Compete Agreement - capital gain or business receipt - The Non-Compete Agreement was part and parcel of the sale of the business and cannot be seen in...

  8. Cenvat credit - input services - Clean Development Mechanism Service in relation to Carbon Credit Management Services is an eligible input service - AT

  9. Sale of rubber tress - Agricultural income or not - The amount received by the assessee on sale of old rubber trees in the three years under consideration constitutes...

  10. Nature of receipts - sale of carbon credits - Carbon credits cannot be considered as an income in the assessment year 2012-13 and insertion of new section 115BBE of the...

 

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