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2019 (4) TMI 1034 - HC - Income TaxSale of carbon credit - Nature of receipt - Capital Receipt - whether the receipts of the Assessee arising out of sale of carbon credit is to be considered as capital receipt and therefore not liable to tax ? - HELD THAT:- This issue is considered by the several High Courts starting from the judgment of Andhra Pradesh High Court in the case of Commissioner of Income Tax v/s. My Home Power Ltd reported [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT] holding the receipts to be capital in nature. This was further elaborated by the Division Bench of Karnataka High Court in the case of Commissioner of Income Tax v/s. Subhash Kabini Power Corporation Ltd. [2016 (5) TMI 793 - KARNATAKA HIGH COURT] and followed by Allahabad High Court and Rajasthan High Court, (Allahabad High Court decision is in the case of Principal Commissioner of Income Tax v/s. L H Sugar Factory Pvt. Ltd reported in [2016 (9) TMI 152 - ALLAHABAD HIGH COURT]
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