https://www.taxtmi.com/caselaws?id=326802 The ITAT held that gains from the sale of carbon credits are taxable but should be taxed in the year of sale, not on an accrual basis. The relief granted by the CIT(A) was confirmed, and the addition of Rs. 5,78,28,058 was deleted. Regarding the disallowance under Section 14A, the ITAT vacated the relief granted by the CIT(A) and restored the disallowance of Rs. 68,45,142 made by the AO. The appeal was partly allowed, confirming the deletion of the addition related to carbon credits and restoring the disallowance under section 14A. en-us Fri, 18 Mar 2016 00:00:00 +0530 Fri, 22 Apr 2016 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326802 The ITAT held that gains from the sale of carbon credits are taxable but should be taxed in the year of sale, not on an accrual basis. The relief granted by the CIT(A) was confirmed, and the addition of Rs. 5,78,28,058 was deleted. Regarding the disallowance under Section 14A, the ITAT vacated the relief granted by the CIT(A) and restored the disallowance of Rs. 68,45,142 made by the AO. The appeal was partly allowed, confirming the deletion of the addition related to carbon credits and restoring the disallowance under section 14A. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326802