https://www.taxtmi.com/caselaws?id=415947 Sale proceeds from carbon credits were treated as capital receipts because they arise from environmental concerns and not from the assessee's business operations. The court followed its earlier line of authority and held that such receipts do not constitute business income or profits from the industrial undertaking. A claim under section 80IA did not change the character of the receipt, since a capital receipt outside total income cannot be denied merely on that basis. The later insertion of section 115BBG was noted as reflecting prior uncertainty in the tax treatment of carbon credit receipts. en-us Thu, 25 Nov 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415947 Sale proceeds from carbon credits were treated as capital receipts because they arise from environmental concerns and not from the assessee's business operations. The court followed its earlier line of authority and held that such receipts do not constitute business income or profits from the industrial undertaking. A claim under section 80IA did not change the character of the receipt, since a capital receipt outside total income cannot be denied merely on that basis. The later insertion of section 115BBG was noted as reflecting prior uncertainty in the tax treatment of carbon credit receipts. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415947