NAVIN FLURINE INTERNATIONAL,MUMBAI vs. DY CIT 7(3)(1), MUMBAI

ITA 6532/MUM/2019Status: DisposedITAT Mumbai30 November 2022AY 2012-1321 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the sale of carbon credit is a capital receipt and not business income, following previous High Court and Tribunal decisions. Consequently, additions made by the AO on this ground were not sustainable.

What were the facts?

The assessee filed a revised return of income, which the Assessing Officer (AO) rejected. The AO made additions on various grounds including disallowance under Section 14A, addition on account of unmoved creditors, and taxability of carbon credit sale. The Commissioner (Appeals) deleted these additions.

What were the issues?

Whether the income from the sale of carbon credits is a capital receipt or business income, and the applicability of Section 14A disallowances.

Which sections of the Income-tax Act were involved?

Section 14A,Section 41(1),Section 115JB,Section 35(2AB),Section 115BBG

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Cases cited in this judgment(9)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “B”, MUMBAI

Before: SHRI ABY T VARKEY & SHRI GAGAN GOYAL

For Appellant: Ms. Aarti Vissanji &
Hearing: 02/09/2022Pronounced: 30/11/2022

Heard together (2 matters)

ITA No. 6533/Mum/2019
ITA No. 6816/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

PER GAGAN GOYAL, A.M:

These four appeals, out of two by assessee and two by Revenue are directed against the order of Commissioner of Income Tax (Appeals)-17, Mumbai [for short ‘CIT (A)’] vide common orders dated 26.08.2019 for the Assessment Years (AY) 2012-13 & 201

The order continues below.

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