https://www.taxtmi.com/caselaws?id=293005 The ITAT Mumbai upheld the decisions of the FAA regarding the disallowance of interest expenditure and the treatment of receipts from the sale of carbon credits, dismissing the appeal filed by the AO in both instances. The tribunal found that borrowed funds were not diverted for investments, supporting the FAA's decision on interest expenditure. Additionally, it held that receipts from the sale of carbon credits are capital in nature, following established legal precedent on the treatment of such income. en-us Tue, 12 Jun 2018 00:00:00 +0530 Mon, 18 Jan 2021 21:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293005 The ITAT Mumbai upheld the decisions of the FAA regarding the disallowance of interest expenditure and the treatment of receipts from the sale of carbon credits, dismissing the appeal filed by the AO in both instances. The tribunal found that borrowed funds were not diverted for investments, supporting the FAA's decision on interest expenditure. Additionally, it held that receipts from the sale of carbon credits are capital in nature, following established legal precedent on the treatment of such income. Case-Laws Income Tax Tue, 12 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293005