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Pr. Commissioner of Income Tax Bareilly Versus M/s L.H. Sugar Factory Pvt. Ltd.

[2017] 392 ITR 568 - Carbon credit receipt - nature of receipt - revenue or capital - Held that:- "Carbon Credit" is capital in nature. See The Commissioner of Income Tax IV, Hyderabad Versus M/s. My Home Power Ltd [2014 (6)82 - ANDHRA PRADESH HIGH COURT ] - Income Tax Appeal No. 194 of 2016 - Dated:- 1-8-2016 - Hon'ble Sudhir Agarwal And Hon'ble Kaushal Jayendra Thaker, JJ. For the Appellant : Ashok Kumar, Ashish Agrawal For the Respondent : Suyash Agarwal ORDER 1. Sri Ashish Agrawal, .....

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o. 418/LKW/2013 by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow. 4. Though appellant has framed four substantial questions of law but learned counsel for appellant could not dispute that except Question no. (A), rest are not substantial questions of law, since based on factual aspects, covered by findings of fact recorded by authorities below, hence as agreed by learned counsel for parties, we have heard appeal finally at this stage on the following substantial question of l .....

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nd the income on sale of Carbon Credit would form part of chargeable income under Income Tax Act, 1961. 5. Learned counsel for the appellant submitted that aforesaid question has been answered by Cochin Bench of Income Tax Appellate Tribunal in Apollo Tyres Ltd. Vs. Assistant Commissioner of Income Tax, (2014) 31 ITR (Trib) 477 wherein it has held that "Carbon Credit" is not capital in nature but revenue receipt hence taxable. 6. Per contra, learned counsel appearing for respondent-Ass .....

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