Held that the High Court in case of Pr.CIT v. Gujarat Flurochemicals Ltd. [2023] 155 taxmann.com 135/295 Taxman 200/459 ITR 242 (Guj)(HC) has held that the income from realisation of carbon credit is capital in nature. Order of Tribunal is affirmed.
PCIT v. Kalpataru Power Transmission Ltd. (2024) 301 Taxman 427 (Guj.)(HC)
S. 4 : Charge of income-tax-Carbon Credit (CER)-Income from realisation of carbon credit is capital in nature-Not assessable as business income. [S.28(i), 260A]