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TMI Blog2015 (11) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... ns having carbon credits get benefit by selling the same to a person who needs carbon credits to overcome one's negative point carbon credit. The amount received is not received for producing and/or selling any product, by-product or for rendering any service for carrying on the business. The receipt from sale of carbon credits has to be considered as capital receipt and accordingly, it is not taxable. Thus, there is no question of considering the same for deduction under section 80-IA of the Act. - Decided in favour of assessee. - I. T. A. No. 2174 /Mds/ 2014(assessment year 2010-11). - - - Dated:- 19-6-2015 - CHANDRA POOJARI (Accountant Member) and CHALLA NAGENDRA PRASAD (Judicial Member) T. Banusekar, Chartered Accountant, for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts can, at best, be regarded as a capital receipt and cannot be taxed as a revenue receipt. It is not generated or created due to carrying on business but it is accrued due to world concern . It has been made available assuming the character of transferable right or entitlement only due to world concern. The source of carbon credit is world concern and environment. Due to that the assesse gets a privilege in the nature of transfer of carbon credits. Thus, the amount received for carbon credits has no element of profit or gain and it cannot be subjected to tax in any manner under any head of income. It is not liable for tax for the assessment year under consideration in terms of sections 2(24), 28, 45 and 56 of the Income-tax Act, 1961. Car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yudhaswamy Spinning Mills P. Ltd. v. Deputy CIT in I. T. A. No. 582/Mds/2013 for the assessment year 2009-10 [2013] 27 ITR (Trib) 106 (Chennai) ; 6. Sri Matha Spinning Mills Pvt. Ltd. v. Deputy CIT in I. T. A. No. 617/Mds/2013 for the assessment year 2009-10 ; 7. Sudhan Spinning Mills Pvt. Ltd. v. Joint CIT in I. T. A. No. 616/ Mds/2013 for the assessment year 2009-10 ; 8. Prabhu Spinning Mills P. Ltd. v. Deputy CIT in I. T. A. Nos. 651 and 652/Mds/2013 for the assessment year 2009-10 [2015] 4 ITR (Trib)-OL 209 (Chennai) ; 9. Vedha Spinning Mills P. Ltd. v. Deputy CIT in I. T. A. No. 630/ Mds/ 2013 for the assessment year 2009-10 ; 10. Adisankara Spinning Mills P. Ltd. v. Deputy CIT in I. T. A. No. 631/Mds/2013 for the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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