2015 (8) TMI 110

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....nt : Mr. N.Vijay Kumar, C.A. For the Respondent : Mrs. Jayanthi Krishna, CIT & Mr. C.V.Pavana Kumar, JCIT ORDER Per Challa Nagendra Prasad, JM: These two appeals are filed by the above assessees against the orders of Commissioner of Income Tax (Appeals)-II, Coimbatore dated 30.01.2013 for the assessment year 2009-10. Since the issue is common in both these appeals, they are heard toget....

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....income received on sale of excess carbon credits is capital receipt and it cannot be business receipt or income. 4. Departmental Representative vehemently supports the orders of lower authorities in holding that receipts on account of carbon credit is revenue receipts. 5. Heard both sides. On going through the orders of lower authorities and the decision of the Hon'ble Andhra Pradesh High Co....

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....idered as capital receipt and not liable for tax under any head of income under Income-tax Act, 1961 ? 2. Whether, in the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal is correct in holding that there is no cost of acquisition or cost of production to get entitlement for the carbon credits, without appreciating that generation of carbon credits is intr....