The Commissioner (Appeals) confirmed the decision of the Assessing Officer that an amount\u00a0 realised on account of carbon credits had no direct and immediate nexus with the income of the power division and hence did not qualify for deduction under section\u00a080-IA(4)(iv)\u00a0of the Act. The Tribunal held that carbon credit was a capital receipt. The question of carbon credit being a capital receipt or not was not raised before the High Court, although the Department appealed on other issues. On appeal, \u00a0\u00a0dismissing the appeal, that the Department was estopped from raising the issue before the Supreme Court at the stage of final hearing. That apart, there was no decision of the High Court on this issue against which the Department could be said to be aggrieved and which could be assailed. The question was left open to be decided in appropriate proceedings.( AY.2001-02, 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 261 : Appeal-Supreme Court-Charge of income-tax-Capital or revenue-Carbon credits-Question not raised before High Court-Department estopped from raising issue before Supreme Court at stage of final hearing.[S. 4, 80-IA(4)(iv), 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43443","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-biH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43443"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43443\/revisions"}],"predecessor-version":[{"id":45760,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43443\/revisions\/45760"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}