Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 94 - AT - Income TaxCarbon Credit Receipts - capital or revenue receipts - HELD THAT:- CIT(A) deleted the additions made by the AO by following the decision of Subhash Kabini Power Corporation [2016 (5) TMI 793 - KARNATAKA HIGH COURT] wherein it was held that income from sale of carbon credits is a capital receipt, not chargeable to tax - Decided against revenue. Carbon credits should be excluded for the purpose of computing books profits u/s 115JB - Whether long term capital gain which was exempted under section 47(i)(v) of the Act under the normal provisions can be excluded while computing book profits under section 115JB - Tribunal held that it is only those items of income which are included in the P & L A/c and those that are excluded by the explanation to section 115JB of the Act than can be reduced for the purpose of computing book profits - HELD THAT:- Tribunal in holding as above referred to decision of ITAT, Lucknow Bench, in the case of ACIT Vs. L H Sugar Factory Ltd.[2016 (3) TMI 367 - ITAT LUCKNOW] and CIT Vs. Benami Industries Ltd [2016 (3) TMI 873 - ITAT KOLKATA] wherein similar propositions as canvassed by the assessee was accepted after considering decision of Special Bench in the case of Raintree Commodities [2010 (7) TMI 794 - ITAT HYDERABAD] - Decided against revenue.
|