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Amount of carbon credit received is a capital receipt
Case Law Details
- Case Name
- Godavari Sugar Mills Pvt Ltd Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Godavari Sugar Mills Pvt Ltd Vs ACIT (ITAT Mumbai)
ITAT Mumbai held that proceeds received by assessee-company carrying on business of power generation on sale of certified emission reduction credit (carbon credit) is a capital receipt and not business income.
Facts- The assessment of the assessee was completed u/s 143(3) which resulted into disallowance of Rs. 36,62,266/-. CIT(A) confirmed disallowance of Rs.36,62,266/- on account of cane transportation charges for the reason that the payment does not prove the year of liability or the crystallisation of the liability. The assessee is aggriev...
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