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2016 (2) TMI 512 - AT - Income TaxDisallowance of claim u/s 80IA made in respect of the sale of Carbon Credit - Held that:- It is now settled proposition in law that in principle the receipts on sale of carbon credits should not brought into the "Profit & Loss Account" and it relates to the "balance sheet‟ item. Consequently, the question of making a claim u/s 80IA(4) of the Act, allowability of the same or otherwise becomes an academic exercise. In view of the above, the questions raised by the Revenue in its appeal and the cross objections raised by the assessee are required to be dismissed as academic.
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