Held that the assessee’s receipts in the form of carbon credits could not be treated as taxable income. Reassessment notice to contrary to the decision of High court was held to be invalid. Followed CIT v. My Home Power Ltd (2014) 365 ITR 82 (AP)(HC). (AY.2008-09)
Clarion Power Corporation Ltd. v. ACIT (2021) 88 ITR 3 (SN) (Hyd.) (Trib.)
S. 147 : Reassessment-Carbon credit-Capital receipt-Reassessment notice to contrary decision of High Court-Held to be in valid. [S. 4, 148]