The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) has held that the income from the sale of Renewable Energy Certificates (RECs) is classified as capital in nature and is not subject to taxation.The bench of Anikesh Banerjee (Judicial Member) and M. L. Meena (Accountant Member) observed that all the modes of incentives were in the nature of entitlements received to improve...
