2018 (3) TMI 1764 - HC - Income Tax

Typographical / inadvertent error - Treatment to assessee s income from trading of carbon credits - HELD THAT - Through this application the assessee points out that in our judgment ALEMBIC LIMITED 2017 (9) TMI 189 - GUJARAT HIGH COURT while dismissing Revenue s Tax Appeals we had inadvertently recorded in Paragraph-6 that several High Courts have held that receipts of carbon credit are in the nature of revenue receipts . This is clearly a typographical / inadvertent error. The above quoted portion of Paragraph-6 would therefore be corrected and read as under that receipts of carbon credit are in the nature of capital receipts . The application stands disposed of accordingly.

Summary

The Gujarat High Court corrected a typographical error in a judgment regarding the nature of carbon credit receipts, stating that they are capital receipts, not revenue receipts. The application was disposed of accordingly.