https://www.taxtmi.com/caselaws?id=244975 The ITAT Chennai ruled in favor of the assessee in the appeal against the Commissioner of Income Tax's order, confirming additions as capital receipts. The ITAT held that carbon credits are capital receipts, not taxable as revenue, deleting the related addition. However, the addition of Rs. 89,690 was upheld due to lack of evidence supporting its deletion. Regarding the addition of Rs. 15,51,913, the ITAT partially allowed the appeal, stating that if the Assessing Officer had already treated the amount as income in the subsequent assessment year, the addition for the impugned year would be deleted. en-us Tue, 16 Apr 2013 00:00:00 +0530 Thu, 02 Apr 2015 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244975 The ITAT Chennai ruled in favor of the assessee in the appeal against the Commissioner of Income Tax's order, confirming additions as capital receipts. The ITAT held that carbon credits are capital receipts, not taxable as revenue, deleting the related addition. However, the addition of Rs. 89,690 was upheld due to lack of evidence supporting its deletion. Regarding the addition of Rs. 15,51,913, the ITAT partially allowed the appeal, stating that if the Assessing Officer had already treated the amount as income in the subsequent assessment year, the addition for the impugned year would be deleted. Case-Laws Income Tax Tue, 16 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244975