https://www.taxtmi.com/caselaws?id=303403 The High Court set aside the Tribunal's decision treating income from the sale of Certified Emission Reductions (CERs) as a revenue receipt instead of a capital receipt. The Court emphasized the need to assess taxability when income is actually received and kept the question open for future consideration. Additionally, the Court deemed the Tribunal's examination of taxability in a future year, not before it, as unjustified. The issue of whether CERs income should be classified as a business gain under the Income Tax Act was left unresolved, with the Court deferring a definitive ruling on the nature of such income for future assessment. en-us Thu, 02 Mar 2017 00:00:00 +0530 Wed, 20 Jul 2022 21:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303403 The High Court set aside the Tribunal's decision treating income from the sale of Certified Emission Reductions (CERs) as a revenue receipt instead of a capital receipt. The Court emphasized the need to assess taxability when income is actually received and kept the question open for future consideration. Additionally, the Court deemed the Tribunal's examination of taxability in a future year, not before it, as unjustified. The issue of whether CERs income should be classified as a business gain under the Income Tax Act was left unresolved, with the Court deferring a definitive ruling on the nature of such income for future assessment. Case-Laws Income Tax Thu, 02 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303403