https://www.taxtmi.com/caselaws?id=294788 The Tribunal ruled that receipts from the sale of carbon credits are capital receipts and not taxable as income. It emphasized that carbon credits are not generated from business activities but due to global environmental concerns. The Tribunal allowed the appeal, stating that such receipts do not constitute profit or gain. Additionally, the Tribunal upheld the Commissioner's decision to grant a deduction under section 80IA of the Act, citing a previous judgment from the Madras High Court. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. en-us Thu, 31 Dec 2015 00:00:00 +0530 Mon, 03 May 2021 21:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294788 The Tribunal ruled that receipts from the sale of carbon credits are capital receipts and not taxable as income. It emphasized that carbon credits are not generated from business activities but due to global environmental concerns. The Tribunal allowed the appeal, stating that such receipts do not constitute profit or gain. Additionally, the Tribunal upheld the Commissioner's decision to grant a deduction under section 80IA of the Act, citing a previous judgment from the Madras High Court. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294788