Home Highlights July 2013 Year 2013 This

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1. Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

2. Exemption u/s 11 - whether the grant-in-aid received by the assessee was capital receipt or revenue receipt? - Even by way of amendment to Section 2(24) (xviii),...

3. Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

4. Subsidy or incentive - purpose tests for grant of subsidy/incentive - incentives received in the form of Sales Tax and Central Excise benefit - revenue or capital...

5. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

6. Capital gain or salary received - Recognizing the compensation received by the assessee as the share holding of the company - the amount received quivalent to the...

7. Exemption u/s 11 denied - grants received by the assessee - Such grants were not the donations or voluntary contribution u/s 12 - The grants received by the assessee for...

8. Additions towards Capital Grants & Subsidies and Consumers' Contribution - Total grants received during the aforesaid financial years were allocated among the four...

9. Disallowance of donation - Donation for scientific research u/s 35(1) - there is no evidence brought on record to show that the assessee has got back the donation money...

10. Treatment of grant-in-aid towards salary & PF as taxable - received for the payment of arrears of PF of the employees, salary and wages of employees - grant-in-aid is...

11. Addition u/s 28(iv) or 43(1) - Receipt of Special Redistributors' Incentive - The amount of incentive received by the assessee from M/s. Usha International Ltd....

12. Trade Discount or not - Incentive received - Since some amount, in the form of incentives, is flowing from IIUL to the applicant, in the absence of supply of goods...

13. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

14. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

15. The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed...