Characterization of income - subscriptions received from the ...

Collective Investment Scheme Subscriptions Reclassified from Income to Capital Receipts in Profit and Loss Account.

July 18, 2019

Case Laws Income Tax SC

Characterization of income - subscriptions received from the public at large under a collective investment scheme - assessee shown these as income in P/L account - it is clear that on general principles also such subscription cannot possibly be treated as income and it would not be possible to go only by the treatment of such subscriptions in the hands of accounts of the assessee itself - receipts in question were capital receipts and not income.

View Source

← Previous Next →

Characterization of income - subscriptions received from the ...

Collective Investment Scheme Subscriptions Reclassified from Income to Capital Receipts in Profit and Loss Account.

July 18, 2019

Case Laws Income Tax SC

You may also like:

Major amendments - Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022 - Notification

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.

ITAT determined that excise duty refund received under Notification No.39/2001 Central Excise, issued as part of earthquake relief incentive scheme for Kutch District,...

Sale of investments - Short term capital gain V/S business income - The assessee has accounted for these investments in shares as capital asset in its books of accounts...

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...

Registration for operating CIS scheme - sham CIS – Winding up of scheme and refund on non-compliance – Whether SEBI was justified in holding that schemes floated by...

Interest income earned from funds received from Government for setting up a company is a capital receipt, not revenue receipt, as the funds and income must be utilized...

Nature of receipts - interest earned on FDs during the year was prior to commencement of business - The Appellate Tribunal referred to a previous decision involving the...

Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

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...

The circular provides an operational framework for reclassification of Foreign Portfolio Investment (FPI) to Foreign Direct Investment (FDI) as per the Foreign Exchange...

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...

Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

Capital receipt or revenue receipt - receipt of compensation under JV agreement - surrender of certain rights - there as no impairment of source of income - taxable as...

Nature of receipt - Profits in lieu of salary or capital receipt - Receipt on termination of employment - Taxability u/s 17(3)(iii) - The Tribunal considered precedents...

Quick Updates: