Home Highlights February 2014 Year 2014 This

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1. VAT subsidy - Characterization of receipts - taxability of receipts - The refund now VAT as given to the industrial undertakings only for the purpose of fulfilling the...

2. Treatment of sales tax subsidy - CIT(A) treated it as revenue receipts - , it would be in the nature of capital receipt not liable to tax - AT

3. 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

4. Receipt for relinquishment of right to sue the party - to be treated and taxed as business income OR capital receipts - the impugned compensation amount is not liable to...

5. 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...

6. Nature of receipt - sales tax subsidy - revenue or capital receipt - The ITAT has committed a manifest error law - The receipts have been shown by the...

7. The development fund received from students, apart from tuition fees, is treated as a capital receipt or corpus donation, not a revenue receipt. The fund is utilized for...

8. Nature of sales tax incentive - revenue receipt OR Capital subsidy - the incentive received by the assessee under the PSI, 2007 scheme in the form of refund of sales tax...

9. Computation of capital gains - Slump sale u/s 2(42C) - transfer of capital assets u/s 2(47) - we took note of the submissions of the learned Senior Counsel for the...

10. Sales tax subsidy treated as capital receipt - nature of receipt - Whether the subsidy amount can be adjusted in the cost of depreciable assets? - AT

11. Slump sale of windmills - capital gains as a slump sale u/s 50B (2) - Wind mills constitute separate undertaking and the Ld.CIT(A) has rightly directed the AO to compute...

12. Assessee had transferred as per the agreement goodwill to client which AO contested that it cannot be treated as a capital receipt and be treated as a revenue receipt...

13. Long Term Capital Gain on relinquishment from utilization of business know-how - prior to 1st April 2003 such a payment is to be treated as capital receipt not liable for tax - AT

14. Nature of receipt - sales tax remission benefit derived by the assessee - All the judgments cited before us also lay down the same ratio. Even otherwise subsidy is...

15. 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...