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2021 (7) TMI 1162 - HC - Income TaxCharacterization of income - Proceeds realized on sale of Certified Emission Reduction Credit - assessee had earned on the Clean Development Mechanism in its wing energy operations - Whether a capital receipt and not taxable? - HELD THAT:- More or less, in a similar case, the Apex Court had an occasion to consider such an issue in the case of Commissioner of Income Tax v. Maheshwari Devi Jute Mills Ltd.[1965 (4) TMI 10 - SUPREME COURT] wherein the question came up for consideration before the Apex Court as to whether by sale of loom-hours, the amount received could be termed as capital receipt or the income out of business. In the said decision, the Apex Court held that the amount received out of sale of loom-hours can be termed as capital receipt and not income out of business. Also see M/S. AMBIKA COTTON MILLS LTD. [2021 (3) TMI 442 - MADRAS HIGH COURT] - Decided in favour of the assessee.
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