Proceeds received on Sale of Carbon Credit is a Capital Receipt and not Business Income: ITAT deletes addition on Income by AO [Read Order]

ITAT - Carbon credit - Business income - Proceeds received on Sale of Carbon Credit - income tax act - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the proceeds received on the sale of carbon credit is a capital receipts and not business income. The assessee is a company which got subsequently reorganized. Return of Income was filed showing normal computed income at Rs. Nil and Rs 7,17,38,434/- as book…

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