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2015 (7) TMI 1217 - AT - Income TaxDeduction u/s. 80IA - income from sale of Certified Emission Reduction (CER) - income earned by the assessee on sale of CERs or Carbon Credits - Held that:- The income received on sale of excess Carbon Credits is liable to be assessed as a capital receipt not chargeable to tax. The Ground of appeal no. 1 relating to claim of exemption u/s. 80IA of the Act on the income from sale of Carbon Credits is rendered academic Determination of ‘Book Profits’ for the purpose of section 115JB - admission of additional ground - Held that:- The assessee cannot be prevented from raising the Additional Ground of appeal no. 2 relating to relating to assessment of its correct tax liability in the course of application of section 115JB of the Act. It is also quite clear that the factual contours of the claim would not require any fresh investigation of facts but merely an appraisal of those facts which are already available on record.
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