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Income Tax - Highlights / Catch Notes

Home Highlights November 2012 Year 2012 This

Carbon Credits (Certified Emission Reductions) - It is not ...

Income Tax

November 8, 2012

Carbon Credits (Certified Emission Reductions) - It is not liable for tax for the assessment year under consideration in terms of sections 2(24), 28, 45 and 56 of the Income-tax Act, 1961. - AT

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  1. Management or Business Consultant Service - assistance in implementing Clean Development Mechanism (CDM) - sale and management of certified emission reduction...

  2. 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...

  3. CENVAT Credit - input service - “success fee” payable against the sale of Certified Emission Reduction - whether the appellants are entitled to service tax credit on...

  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. Deduction u/s 80-IA - the income on sale of certified emission reduction/carbon credit would form part of the profit and gains of business ; however, cannot be treated...

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

  7. Business Auxiliary Service or Club / Association service - sale of Carbon Emission Reduction (CER) Certificates - The applicant received the sale proceeds and...

  8. 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

  9. Refund of amount deposited as the Entry Tax - the petitioner was not liable to pay any Entry Tax on Carbon Black Feed Stock (CBFS) - refund allowed with 12% interest - HC

  10. Nature of receipt - proceeds realized by the assessee on sale of Certified Emission Reduction Credit - assessee had earned it on the Clean Development Mechanisam in its...

 

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