Profit on sale of carbon credit is not taxable receipt

Deepak Bansal , Last updated: 02 December 2014  
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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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Deepak Bansal
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