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ITAT held that income from sale of renewable energy certificates constitutes capital receipt and remains non-taxable for the assessment year, despite subsequent introduction of Section 115BBG in 2018 specifically taxing carbon credit sales. The Tribunal followed precedent establishing that carbon credits arise from environmental concerns rather than business operations. However, ITAT upheld disallowance of partner remuneration claimed against power generation income qualifying for Section 80IA deduction, ruling that partners cannot claim entire income as exempt while attributing zero expenses. The AO correctly allocated 0.10% of total remuneration proportionate to power income turnover. Regarding depreciation disallowance on solar assets, ITAT remanded the matter to CIT(A) for adjudication since no findings were recorded despite specific grounds raised by the assessee in appeal.
ITAT held that income from sale of renewable energy certificates constitutes capital receipt and remains non-taxable for the assessment year, despite subsequent introduction of Section 115BBG in 2018 specifically taxing carbon credit sales. The Tribunal followed precedent establishing that carbon credits arise from environmental concerns rather than business operations. However, ITAT upheld disallowance of partner remuneration claimed against power generation income qualifying for Section 80IA deduction, ruling that partners cannot claim entire income as exempt while attributing zero expenses. The AO correctly allocated 0.10% of total remuneration proportionate to power income turnover. Regarding depreciation disallowance on solar assets, ITAT remanded the matter to CIT(A) for adjudication since no findings were recorded despite specific grounds raised by the assessee in appeal.
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