Output VAT Refund Received By Hyundai Motor Towards Investment Promotion Subsidy Is Non-Taxable Capital Receipt: ITAT
1 year, 2 months ago

Output VAT Refund Received By Hyundai Motor Towards Investment Promotion Subsidy Is Non-Taxable Capital Receipt: ITAT

Live Law  

The Chennai Bench of Income Tax Appellate Tribunal has held that the output VAT refund received by Hyundai Motor towards investment promotion subsidy is a non-taxable capital receipt.The bench of V. Durga Rao and Manjunatha G has observed that the output VAT incentive granted for the purpose of setting up or expanding. The Chennai Bench of Income Tax Appellate Tribunal has held that the output VAT refund received by Hyundai Motor towards investment promotion subsidy is a non-taxable capital receipt. The bench of V. Durga Rao and Manjunatha G has observed that the output VAT incentive granted for the purpose of setting up or expanding its manufacturing facility is a capital receipt and hence cannot be treated as income under the provisions of the Income Tax Act. Based on the sales, the assessee accrued a refund of output VAT amounting to INR 33 crores from the Government of Tamil Nadu and credited the same to P&L a/c under the heading ‘Other Operating Revenue’.

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Hyundai avails Rs 1,200 crore tax exemptions in FY23
6 months ago

Hyundai avails Rs 1,200 crore tax exemptions in FY23

New Indian Express  

NEW DELHI: Hyundai Motors India, which is looking to raise Rs 25,000 crore through public issue of shares, has availed tax exemptions and government incentives worth Rs 886 crore in the first nine months of 2023-24, the draft red herring prospectus of the company showed. These incentives include electricity tax exemptions, investment promotion subsidies in the form of state GST …

Incentives Given To Audi Authorised Service Station Not 'Business Auxiliary Service', No Service Tax Payable: CESTAT
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Incentives Given To Audi Authorised Service Station Not 'Business Auxiliary Service', No Service Tax Payable: CESTAT

Live Law  

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1 year, 9 months ago

Tax Cases Weekly Round-Up: 12 March To 18 March, 2023

Live Law  

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2 years, 6 months ago

Subsidy Received From The Government In The Form Of Refund Of VAT And CST, To Encourage Industrial Growth, Is A Capital Receipt: Pune ITAT

Live Law  

The Pune Bench of ITAT has ruled that a subsidy granted by the State of Maharashtra, with the objective of encouraging industrial growth in less developed areas of the State, is a capital receipt even though the said subsidy is disbursed in the form of refund of Value Added Tax and Central Sales Tax. Hence, the AO invoked the provisions …

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