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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Once it is found that the amount realized by sale of carbon ...

Income Tax

May 20, 2016

Once it is found that the amount realized by sale of carbon credit is not taxable as profit, naturally it will have no adverse effect on the Revenue. - Revision proceeding u/s 263 are not correct - HC

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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. 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...

  5. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

  6. Business Auxiliary services (BAS) - taxability of amount shown as "other income" in the Profit & Loss Account (P&L A/c) - revenue failed to show that the amount was...

  7. Addition of gross profit instead of net profit from the sale of Ghee - It was the duty of the revenue to pinpoint the infirmity in the expenses apportion by the assessee...

  8. Club or Association Service - Admission Fee, Membership Fee, Establishment Expenses, collected by the appellant from its members - amount retained for earning ‘carbon...

  9. Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

  10. The amount of sales tax and other subsidies received by the assessee were revenue in nature and are taxable - AT

 

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