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Income Tax - Highlights / Catch Notes

Home Highlights November 2012 Year 2012 This

Capital Receipt vs Revenue Receipt - Excise Duty refund is to be ...

Income Tax

November 27, 2012

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

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  1. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

  2. Capital or revenue receipt - incentives - excise duty refund, interest subsidy and insurance subsidy held as capital receipts .... – HC

  3. Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed. - AT

  4. Deduction u/s 80 IB - Central Excise Duty refund & interest subsidy - held as Capital receipt - 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 Central Excise Duty Refund - refund under the sheme of the Union Government with regard to North Eastern State - the said receipts are capital receipts - AT

  7. Revenue or capital receipt - The HC has held that, Excise duty refund, Interest subsidy and Insurance subsidy received with the object of creating avenues for perpetual...

  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. Revenue receipt or capital receipt - there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt.

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

 

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