Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 1560 - AT - Income TaxDeduction u/s.80IA in respect of the profits derived from the sale of the Carbon Credits - HELD THAT:- Now the issue was squarely covered by the decision of My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT] as held the Carbon Credits was not an offshoot of business but offshoot of environmental concerns. Consequently, the sale of the excess Carbon Credits was capital receipt. It was a submission that the AO may be directed to assess the benefit of Carbon Credits as a capital receipt. Respectfully following the decision of the Hon’ble Andhra Pradesh High Court in the case of My Home Power Ltd., referred to supra, the AO is directed to treat the sale of the Carbon Credits as a capital receipt. Appeal filed by the assessee stands allowed.
|