https://www.taxtmi.com/caselaws?id=303059 The Tribunal allowed the appellant's appeal partially, ruling in favor of the appellant regarding the eligibility for deduction on income from the sale of carbon credits and the additional depreciation claim on windmills under sec. 32(1)(iia). The Tribunal emphasized the direct nexus between the appellant's activities and the income from carbon credits, restoring the matter for further assessment. It held that the appellant was entitled to claim additional depreciation on the windmills, rejecting the disallowance based on explanatory notes and following established legal decisions supporting such claims for power generation activities. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 01 Jul 2022 20:45:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303059 The Tribunal allowed the appellant's appeal partially, ruling in favor of the appellant regarding the eligibility for deduction on income from the sale of carbon credits and the additional depreciation claim on windmills under sec. 32(1)(iia). The Tribunal emphasized the direct nexus between the appellant's activities and the income from carbon credits, restoring the matter for further assessment. It held that the appellant was entitled to claim additional depreciation on the windmills, rejecting the disallowance based on explanatory notes and following established legal decisions supporting such claims for power generation activities. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303059