https://www.taxtmi.com/caselaws?id=297527 The High Court upheld the Tribunal's decision, affirming income from Carbon Emission Reduction Certificates (CERs) as capital, not subject to income tax under the Income Tax Act. The court clarified tax liability on carbon credit receipts, emphasizing their capital nature. The judgment highlighted the importance of the mercantile system of accounting in tax disputes, supporting the appellant's position. The appeal was dismissed, providing clarity on tax treatment of CERs and reinforcing principles regarding income classification and tax deductions. en-us Tue, 28 Nov 2017 00:00:00 +0530 Wed, 08 Sep 2021 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297527 The High Court upheld the Tribunal's decision, affirming income from Carbon Emission Reduction Certificates (CERs) as capital, not subject to income tax under the Income Tax Act. The court clarified tax liability on carbon credit receipts, emphasizing their capital nature. The judgment highlighted the importance of the mercantile system of accounting in tax disputes, supporting the appellant's position. The appeal was dismissed, providing clarity on tax treatment of CERs and reinforcing principles regarding income classification and tax deductions. Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297527