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Profit on sale of carbon credit is not taxable receipt



Reliance in this regard can be placed on the decision of Honble ITAT Bangalore in case of M/s SubhashKabini Power Corporation Limited vs. CIT (ITA No 258/Bang/2014) pronounced on 28th November 2014 wherein the Commissioner taking cognizance of Section 263, directed the AO for de novo consideration.
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