Sale of carbon credit is capital receipt

[2015] 58 taxmann.com 223 (Chennai - Trib.)

IN THE ITAT CHENNAI BENCH 'B'

Arun Textiles (P.) Ltd.

v.

Assistant Commissioner of Income-tax

DR. O.K. NARAYANAN, VICE-PRESIDENT
AND VIKAS AWASTHY, JUDICIAL MEMBER

IT APPEAL NO.268 (MDS.) OF 2014
[ASSESSMENT YEAR 2009-10]

SEPTEMBER  12, 2014 

Section 28(i), of the Income-tax Act, 1961 - Business income - Chargeable as (Carbon credit) - Assessment year 2009-10 - Whether amount received by assessee on account of clean development mechanism (Carbon credits) was capital in nature - Held, yes [Para 8][In favour of assessee]