Home Highlights August 2015 Year 2015 This

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1. Receipts from sale of carbon credit - No asset is generated in the course of business, but it is generated due to environmental concerns. It was also found that the...

2. Nature of receipt - capital receipt or revenue receipt - On the sale of excess Carbon Credits the income was received and it is capital receipt and it cannot be business...

3. Characterization of income - Transfer of Carbon Credits - the receipt on the sale of carbon credits is liable to be treated as capital receipts, admittedly, the...

4. Cenvat credit on capital goods - No credit was availed in the initial (first) year - Whole of the credit (100% credit) was availed in the subsequent year - There is...

5. Computation of book profit u/s 115JB - MAT - The carbon credit is credited to the Profit & Loss account held to be capital receipts and not exigible to tax - AO directed...

6. Receipt from transfer of Carbon Emission Reduction ("CER") - carbon credits are not offshoot of business but offshoot of environmental concerns and hence not chargeable...

7. Income from sale of carbon credits - Capital receipts vs Revenue receipts - No asset is generated in the course of business but it is generated due to environmental...

8. CENVAT Credit - Removal of capital goods - Depreciation - Deduction of 2.5% to be applied from the date of availing credit, not from the date of receiving or putting to...

9. Excess availment of CENVAT credit - There is no provision for one to one correlation in CENVAT credit scheme - there is no other evidence on record like investigation...

10. 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...

11. CENVAT credit - input service - Business Auxiliary Service relating to sales commission - credit allowed - AT

12. Cenvat Credit on capital goods received prior to getting registration certificate as service provider allowed - AT

13. Cenvat credit allowed on capital goods received before registration - AT

14. Nature of receipts - sale of carbon credits - Carbon credits cannot be considered as an income in the assessment year 2012-13 and insertion of new section 115BBE of the...

15. Cenvat credit claims on spare parts considered as capital goods were rejected u/ss 11B and 12B of the Cenvat Excise Act. As per the definition of "Inputs" in Rule 2(k)...