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2022 (3) TMI 653 - ITAT CHENNAIDeduction of carbon credit receipt u/s.80IA - Nature of receipt - revenue or capital receipt - HELD THAT:- We noted that the issue of carbon credits is fully covered by the decision of the Hon’ble Madras High Court in the case of S.P. Spinning Mills Private Limited Vs. Assistant Commissioner of Income Tax [2021 (1) TMI 1081 - MADRAS HIGH COURT]. Also see Commissioner of Income Tax Vs. Ambika Cotton Mills Limited [2021 (3) TMI 442 - MADRAS HIGH COURT] Thus we hold that the receipt on carbon credit is in the nature of capital receipt and no disallowance can be made. Thus, we reverse the orders of the lower authorities and allow the appeal of the Assessee on this issue.
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