Tribunal held that income earned from sale of RECs\/ESCs (carbon credits) is a capital receipt and not business income as carbon credit is an offshoot from environmental concern and not an offshoot from business, thus, it will not be taxable.\u00a0 Tribunal held that an assessee can amend a return filed by him during assessment proceedings.\u00a0 As regards the commission\u00a0 the\u00a0\u00a0 since assessee had submitted tax invoice and TDS certificate as proof of transaction and no objection was raised against same by revenue, and further, payments were made through bank account, impugned addition made on account of said commission paid under section 69C is not warranted. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 28(i) : Business income-Carbon credits-Capital or revenue-Income earned from sale of Renewable Energy Certificates (REC)\/carbon credits is a capital receipt and not business income-Return-An assessee can amend a return filed by him during assessment proceedings-Commission paid-Disallowance is not justified. [S. 4, 37(1), 69C, 139(5), 143(3)] <\/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-44292","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bwo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44292","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=44292"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44292\/revisions"}],"predecessor-version":[{"id":44293,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44292\/revisions\/44293"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}