https://www.taxtmi.com/caselaws?id=270325 The Tribunal upheld the assessee's entitlement to deduction under Section 80IA for power generating units, determining them as separate undertakings eligible for the deduction. It also affirmed that the "initial assessment year" for the deduction is the first year of claim, not the year operations commenced. Additionally, the Tribunal ruled that income from carbon credits is capital in nature and not taxable under the Act, dismissing the Revenue's appeal. The assessee's delayed cross-objection was admitted but dismissed as the carbon credit issue had already been decided in their favor. en-us Tue, 06 Oct 2015 00:00:00 +0530 Mon, 04 Jan 2016 12:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270325 The Tribunal upheld the assessee's entitlement to deduction under Section 80IA for power generating units, determining them as separate undertakings eligible for the deduction. It also affirmed that the "initial assessment year" for the deduction is the first year of claim, not the year operations commenced. Additionally, the Tribunal ruled that income from carbon credits is capital in nature and not taxable under the Act, dismissing the Revenue's appeal. The assessee's delayed cross-objection was admitted but dismissed as the carbon credit issue had already been decided in their favor. Case-Laws Income Tax Tue, 06 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270325