https://www.taxtmi.com/caselaws?id=439734 The Appellate Tribunal ITAT Bangalore held that the sale of Carbon Credits should be treated as a capital receipt, not subject to tax, for the assessment year 2012-13. The Tribunal dismissed the revenue's appeal, citing precedent set by previous court decisions and clarifying that Section 115BBG of the Income Tax Act, introduced in 2018, does not apply retrospectively to the relevant assessment year. Consequently, the revenue's appeal was dismissed, affirming the treatment of Carbon Credits as capital receipts. en-us Wed, 26 Apr 2023 00:00:00 +0530 Fri, 30 Jun 2023 21:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439734 The Appellate Tribunal ITAT Bangalore held that the sale of Carbon Credits should be treated as a capital receipt, not subject to tax, for the assessment year 2012-13. The Tribunal dismissed the revenue's appeal, citing precedent set by previous court decisions and clarifying that Section 115BBG of the Income Tax Act, introduced in 2018, does not apply retrospectively to the relevant assessment year. Consequently, the revenue's appeal was dismissed, affirming the treatment of Carbon Credits as capital receipts. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439734