DCIT CENTRAL CIRCLE-31, NEW DELHI vs. MALANA POWER COMPANY LTD., NEW DELHI

The present appeal has been filed by the Revenue against the order of ld. CIT(A)-37, New Delhi dated 28.02.2019.

During the year, the assessee has not earned any exempt income, hence we hold that no disallowance is called for.

The issue of treatment of the Carbon Credits as revenue receipt of capital receipt stands adjudicated by the order of the Co-ordinate bench of the Tribunal in assessee’s own case in vide order dated 27.04.2018 wherein it was held that the Carbon Credits are to be considered as capital receipts. Vide the amendment brought with effect from 01.04.2018, the Government of India has allowed a concessionary tax rate of ten per cent for taxpayers who are earning an income by transfer of carbon credits is not applicable to the assessment year before us.

In the result, the appeal of the Revenue is dismissed. Order Pronounced in the Open Court on 04/05/2022.