CIT v. Wescare (I) Ltd. (2022) 138 Taxmann.com 184 (Mad.)(HC) Editorial: Notice issued in SLP filed by Revenue, CIT v. Wescare (I) Ltd. (2022) 287 Taxman 93/113 CCH 273 (SC)

S. 4 : Charge of income-tax-Carbon credit-Power generation-Capital receipt not liable to be taxed.

Held that proceeds realized by assessee-company, engaged in business of power generation through non-conventional sources i.e., windmills, on sale of certified emission reduction credit, which was earned on clean development mechanism in its wind energy operations was a capital receipt and hence, was not liable to be taxed. (AY 2009-10)