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which head
income from transfer from carbon credit is taxable in which head??
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No clear guidance........ carbon credit is entitlement or accretion of capital and hence income earned on sale of these credit is capital receipt.”
This decision has been approved by the Andhra Pradesh High Court in CIT v. My Home Power Ltd. (365 ITR 82).
Read: ..."in absence of any consequential amendment to Section 2(24) of the Act, the dispute with respect to taxation of carbon credits continues. Should the controversy in relation to nature of receipts from sale of carbon credits is settled, holding the receipt as capital receipt, it should be possible to argue that the same will not fall within the definition of income "
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