Briefly explain the provision of section 115 BBG of The Income Tax Act, 1961, regarding taxability of income earned from transfer of 'Carbon Credits' for assessment year 2025-26.

As per Section 115BBG of Income Tax Act, 1961, Where the total income of an assessee includes any income by way of transfer of carbon credits, the income-tax payable shall be the aggregate of: the amount of income-tax calculated on the income by way of transfer of carbon credits, at the rate of ten per cent; and the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) of sub-section (1).