https://www.taxtmi.com/caselaws?id=351850 The Tribunal partly allowed the assessee's appeal and dismissed the revenue's appeal. It upheld the validity of the assessment reopening, allowed the deduction under Section 80IA for the sale of ash, and directed the exclusion of income from carbon credits from the computation of book profits under Section 115JB. The Tribunal emphasized that carbon credits are capital receipts and not taxable as revenue receipts, aligning with decisions from the Andhra Pradesh High Court and ITAT Kolkata. en-us Wed, 29 Nov 2017 00:00:00 +0530 Sat, 02 Dec 2017 10:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351850 The Tribunal partly allowed the assessee's appeal and dismissed the revenue's appeal. It upheld the validity of the assessment reopening, allowed the deduction under Section 80IA for the sale of ash, and directed the exclusion of income from carbon credits from the computation of book profits under Section 115JB. The Tribunal emphasized that carbon credits are capital receipts and not taxable as revenue receipts, aligning with decisions from the Andhra Pradesh High Court and ITAT Kolkata. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351850