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Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Taxable income - forfeiture of share warrants - whether treated ...

Income Tax

May 22, 2017

Taxable income - forfeiture of share warrants - whether treated as capital receipt in nature? - if the initial receipts of a business are not trading receipts in the hands of the recipient, subsequent operations cannot turn them into trading receipts. - AT

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  1. Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

  2. Addition on account of forfeiture of shares application money - since the amount is capital in nature the same cannot be brought to tax. - AT

  3. Amount received on account of forfeiture of share application money by way of issue of share warrants - capital receipts OR revenue receipt - It is capital receipt and...

  4. Nature of receipt - the compensation received by the assessee is for sterilization of the profit making apparatus of the assessee company - receipt is capital in nature...

  5. Nature of receipt under the subsidy scheme - Multiplex Theatre Complexes - exemption of entertainment duty - the receipt is in the nature of capital receive - not taxable - SC

  6. Nature of receipt - damages received from DDA - loss of sources of income - Arbitration awards from DDA in respect of construction of houses - Receipt is capital in...

  7. 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...

  8. 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.

  9. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

  10. Compensation received from the German publisher - Honorarium receipt - receipt represents compensation for the loss of a source of income - capital in nature - not taxable - HC

 

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