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2023 (2) TMI 1027 - AT - Income TaxNature of receipt - receipts from the sale of Carbon Emission Reductions (CER) Certificates / Carbon Credits - revenue or capital receipt - HELD THAT:- As the order of ld. CIT(A) for A.Y. 2006-07 has been set aside by Co-ordinate Bench [2017 (4) TMI 1577 - ITAT DELHI] hold that the income from sale of carbon credits is capital in nature. Book Profits u/s 115JB - CIT(A) and Ld. AO while calculating Book Profit at Nil u/s 115JB not excluded the amount of receipt from transfer of CERs from the book profit - HELD THAT:- As decided in assessee’s own case [2022 (2) TMI 758 - ITAT DELHI] Carbon credits being the capital receipts cannot be brought to tax as book profits and are, thus, liable to be excluded from the computation of book profits u/s 115JB. The additional ground of appeal no.4 of the assessee is thus allowed.
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