Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 1038 - AT - Income TaxCharacterization of receipt - Clean Development Mechanism [CDM] receipts - revenue receipt or capital receipt - HELD THAT:- The Hyderabad Bench of the Tribunal in the case of M/s My Home Power Ltd. v. DCIT [2012 (11) TMI 288 - ITAT HYDERABAD] has held carbon credit as capital receipts. Also see SRI VELAYUDHASWAMY SPINNING MILLS (P) LTD. VERSUS DY. COMMISSIONER OF INCOME TAX, COMPANY CIRCLE, TIRUPUR [2015 (4) TMI 132 - ITAT CHENNAI] - Thus we hold that the amount received by the assessee on account of CDM (carbon credits) is capital in nature. The impugned order is set aside, the appeal is allowed.
|