Carbon Credit Receipt is Capital Receipt: ITAT deletes Income Tax Addition [Read Order]

Carbon Credit Receipt is Capital Receipt - Carbon Credit Receipt - Capital Receipt - ITAT deletes Income Tax Addition - ITAT - Income Tax Addition - Taxscan

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), deleted income tax addition and ruled that carbon credit receipt is capital receipt. The assessee, Bannari Amman Sugars Ltd, is a limited company engaged in the business of manufacturing of sugar, alcohol, granite and cogeneration of power. The case was selected for scrutiny through CASS…

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