PCIT v. Arun Textiles Pvt. Ltd. (2021)435 ITR 273 (Mad.)(HC) CIT v. VMD Mills Pvt. Ltd. (2021) 435 ITR 316 / 280 Taxman 384 (Mad.)(HC) CIT v. Vedha Spinning Mills Pvt. Ltd. (2021) 435 ITR 687/281 Taxman 288 (Mad.)(HC)

S. 4 : Charge of income-tax-Income or capital-Sale of Carbon Credits-Capital receipt-No cost of acquisition of production to get entitlement Not assessable under any head of income. [S. 28(i), 56]

Held that   the Tribunal was right in holding that the proceeds realized by the assessee on sale of certified emission reduction credits, which the assessee earned on the clean development mechanism in its wind energy operations were a capital receipt and not taxable under any head of income.(AY. 2011-12) (AY. 2010-11). (AY. 2009-10 and 2010-11)