COURT: | ITAT Bangalore |
CORAM: | Jason P. Boaz (AM), Rajpal Yadav (JM) |
SECTION(S): | 28, 4 |
GENRE: | Domestic Tax |
CATCH WORDS: | capital vs. revenue receipt, carbon credits |
COUNSEL: | S. K. Tulsiyan |
DATE: | November 28, 2014 (Date of pronouncement) |
DATE: | November 29, 2014 (Date of publication) |
AY: | 2009-10 |
FILE: | Click here to view full post with file download link |
CITATION: | |
Profits on sale of carbon credits is not a taxable revenue receipt |
Carbon credit is in the nature of “an entitlement” received to improve world atmosphere and environment reducing carbon, heat and gas emissions. The entitlement earned for carbon credits can, at best, be regarded as a capital receipt and cannot be …
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