Appollo Tyres Ld v. ACIT

ESSEL MINING & INDUSTRIES LTD.,KOLKATTA vs. DY CIT CC-1(4), MUMBAI

In the result, the appeals of the assessee is partly allowed and the appeal of the revenue is partly allowed for statistical purpose

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos. 296 & 297/Mum/2021 (A.Ys.2011-12 To 2013-14) Essel Mining & Vs. Dy. Cit, Cc-1(4) Industries Limited 9Th Floor, Old Cgo Industry House, 18Th Building, M.K. Road, Floor, 10 Camac Street, Mumbai - 400020 Kolkata – 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent Jcit, Cc-1(4) Vs. M/S Essel Mining & R. No. 902, Pratistha Industries Limited Bhavan, 9Th Floor, Old Industry House, 18Th Cgo Building, Annexe, Floor, 10, Cama Street, Mumbai – 400 020 Kolkata- 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent

…5,84,53,107/- against the sale of carbon credit. The assessee company has treated this receipt as capital receipt. However, the AO was of the view that the same was a revenue receipt has held by the ITAT cochin in the case of Appollo Tyres Ld. Vs. ACIT (2014) 149 ITD 756. The A.O stated that certified emission reduction/carbon credit was given to the assesse in the course of business activity, therefore, the same would fall within the definition of income u/s 2(24)(vd) of the Act. Therefore, the same was treated as revenue receipt and added to the total income of the assesse. 17. The assessee filed appeal before…

ESSEL MINING & INDUSTRIES LTD.,KOLKATTA vs. DY CIT CC-1(4), MUMBAI

In the result, the appeals of the assessee is partly allowed and the appeal of the revenue is partly allowed for statistical purpose

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos. 296 & 297/Mum/2021 (A.Ys.2011-12 To 2013-14) Essel Mining & Vs. Dy. Cit, Cc-1(4) Industries Limited 9Th Floor, Old Cgo Industry House, 18Th Building, M.K. Road, Floor, 10 Camac Street, Mumbai - 400020 Kolkata – 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent Jcit, Cc-1(4) Vs. M/S Essel Mining & R. No. 902, Pratistha Industries Limited Bhavan, 9Th Floor, Old Industry House, 18Th Cgo Building, Annexe, Floor, 10, Cama Street, Mumbai – 400 020 Kolkata- 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent

…5,84,53,107/- against the sale of carbon credit. The assessee company has treated this receipt as capital receipt. However, the AO was of the view that the same was a revenue receipt has held by the ITAT cochin in the case of Appollo Tyres Ld. Vs. ACIT (2014) 149 ITD 756. The A.O stated that certified emission reduction/carbon credit was given to the assesse in the course of business activity, therefore, the same would fall within the definition of income u/s 2(24)(vd) of the Act. Therefore, the same was treated as revenue receipt and added to the total income of the assesse. 17. The assessee filed appeal before…

JOINT COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI vs. ESSEL MINING & INDUSTRIES LIMITED, MUMBAI

In the result, the appeals of the assessee is partly allowed and the appeal of the revenue is partly allowed for statistical purpose

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos. 296 & 297/Mum/2021 (A.Ys.2011-12 To 2013-14) Essel Mining & Vs. Dy. Cit, Cc-1(4) Industries Limited 9Th Floor, Old Cgo Industry House, 18Th Building, M.K. Road, Floor, 10 Camac Street, Mumbai - 400020 Kolkata – 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent Jcit, Cc-1(4) Vs. M/S Essel Mining & R. No. 902, Pratistha Industries Limited Bhavan, 9Th Floor, Old Industry House, 18Th Cgo Building, Annexe, Floor, 10, Cama Street, Mumbai – 400 020 Kolkata- 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent

…5,84,53,107/- against the sale of carbon credit. The assessee company has treated this receipt as capital receipt. However, the AO was of the view that the same was a revenue receipt has held by the ITAT cochin in the case of Appollo Tyres Ld. Vs. ACIT (2014) 149 ITD 756. The A.O stated that certified emission reduction/carbon credit was given to the assesse in the course of business activity, therefore, the same would fall within the definition of income u/s 2(24)(vd) of the Act. Therefore, the same was treated as revenue receipt and added to the total income of the assesse. 17. The assessee filed appeal before…

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI

In the result, the appeals of the assessee is partly allowed and the appeal of the revenue is partly allowed for statistical purpose

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos. 296 & 297/Mum/2021 (A.Ys.2011-12 To 2013-14) Essel Mining & Vs. Dy. Cit, Cc-1(4) Industries Limited 9Th Floor, Old Cgo Industry House, 18Th Building, M.K. Road, Floor, 10 Camac Street, Mumbai - 400020 Kolkata – 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent Jcit, Cc-1(4) Vs. M/S Essel Mining & R. No. 902, Pratistha Industries Limited Bhavan, 9Th Floor, Old Industry House, 18Th Cgo Building, Annexe, Floor, 10, Cama Street, Mumbai – 400 020 Kolkata- 700017 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaace6607L Appellant .. Respondent

…5,84,53,107/- against the sale of carbon credit. The assessee company has treated this receipt as capital receipt. However, the AO was of the view that the same was a revenue receipt has held by the ITAT cochin in the case of Appollo Tyres Ld. Vs. ACIT (2014) 149 ITD 756. The A.O stated that certified emission reduction/carbon credit was given to the assesse in the course of business activity, therefore, the same would fall within the definition of income u/s 2(24)(vd) of the Act. Therefore, the same was treated as revenue receipt and added to the total income of the assesse. 17. The assessee filed appeal before…

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

…has disallowed the claim of appellant relying on decision of Hon'ble ITAT, Cochin in the case of Apollo on decision of Hon'ble ITAT, Cochin in the case of Apollo on decision of Hon'ble ITAT, Cochin in the case of Apollo Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. 28.4 The appellant has relied on the decision of Hon'ble 28.4 The appellant has relied on the decision of Hon'ble 28.4 The appellant has relied on the decision of Hon'ble Andhra Pradesh High Court in the case of the Commissioner Andhra Pradesh…

ESSEL MINING & INDUSTRIES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(4), MUMBAI

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

…has disallowed the claim of appellant relying on decision of Hon'ble ITAT, Cochin in the case of Apollo on decision of Hon'ble ITAT, Cochin in the case of Apollo on decision of Hon'ble ITAT, Cochin in the case of Apollo Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. Tyres Ltd. vs. ACIT (2014) reported in 149 ITD 756. 28.4 The appellant has relied on the decision of Hon'ble 28.4 The appellant has relied on the decision of Hon'ble 28.4 The appellant has relied on the decision of Hon'ble Andhra Pradesh High Court in the case of the Commissioner Andhra Pradesh…

DCIT 9(3)(1), MUMBAI vs. DODSON LINDBLOM HYDRO POWER P.LTD, MUMBAI

Bench: S/Sh. Rajendra & C. N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./6704/Mum/2016, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dy. Cit 9(3)(1) M/S. Dodson Lindblom Hydro Power Pvt. 215, 2Nd Floor, Aayakar Bhavan Ltd. Mumbai - 400020 Vs. 6-Shiv Vastu, Tejpal Scheme Road No.5, Vile Parle (E),Mumbai - 400057 Pan:Aaacd7612A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Ram Tiwari-Dr Assessee By: Shri Pankaj K. Jain-Ar सुनवाई क" तारीख / Date Of Hearing: 12/06/2018 घोषणा क" तारीख / Date Of Pronouncement: 12/06/2018 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य,राजे"" राजे"" केकेकेके अनुसार अनुसार /Per Rajendra, Am- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 24.08.2016 Of Cit(A)-16, Mumbai,The Assessing Officer (Ao) Has Filed The Present Appeal. Assessee-Company,Engaged In The Business Of Generation Of Hydro Electric Power, Filed Its Return Of Income On 21.09.2012, Declaring Total Income At Rs.2.57 Crore, Later On A Revised Return Was Filed On 19.08.2013 Declaring Income At Rs.1.96 Crores.On 25.09. 2013,The Assessee Revised The Return For The Second Time Disclosing Income Of Rs.3.57 Cores. The Ao Completed The Assessment On 28.02.2015,U/S.143(3) Of The Act,Determining Its Income At Rs. 5.53 Crores.

…xtent, as per the law standing today, the receipts on sale of the carbon credits fall in the capital zone. 4. On the other hand, Ld DR for the Revenue relied on the decision of the Cochin Bench of the Tribunal in the case of Appollo Tyres Ltd. vs. ACIT [2014] 149 ITD 756, wherein a contrary view was taken by the ITAT. Referring to this decision, Ld Counsel for the assessee mentioned that the said decision was considered by the Chennai Bench of the Tribunal in the case of Arun Textile (P) Ltd. vs. ACIT (2014) 36 ITR (Tribunal) 300 and held that the receipts on sale of carbon credits are capital in nature. In the p…

ACIT 8(3) (OSD), MUMBAI vs. DODSON LINDBLOM HYDRO POWER P. LT, MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri D. Karunakara Rao & Shri Sandeep Gosaini.T.A. No.5932/M/2010 (Assessment Year: 2007-2008) फनाभ/ Dcit-8(1), Dodson Lindblom Hydro R.No.210, 2 Nd Floor, Power Pvt Ltd., Vs. Aayakar Bhavan, 6, Shiv Wastu, M.K. Road, Mumbai – 40 020. Tejpal Scheme, Road No.5, Vile Parle (E), Mumbai-57. स्थामी रेखा सं./ Pan : Aaacd7612A (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) C.O.128/M/11 (Arising Out Of I.T.A. No.5932/M/2010(Ay: 2007-2008) I.T.A. No.7716/M/2011 (Assessment Year: 2008-2009) I.T.A. No.5933/M/2012 (Assessment Year: 2009-2010) Dodson Lindblom Hydro Power फनाभ/ Dcit-8(1), R.No.210, 2 Nd Floor, Pvt Ltd., 6, Shiv Wastu, Vs. Tejpal Scheme, Road No.5, Aayakar Bhavan, Vile Parle (E), Mumbai-57. M.K. Road, Mumbai–400020. स्थामी रेखा सं./ Pan : Aaacd7612A (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) अऩीराथी की ओय से / Assessee By : Shri Farrokh Irani प्रत्मथी की ओय से/ Revenue By : Shri B.S. Bist, Dr

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER I.T.A. No.5932/M/2010 (Assessment Year: 2007-2008) फनाभ/ DCIT-8(1), Dodson Lindblom Hydro R.No.210, 2 nd Floor, Power Pvt Ltd., Vs. Aayakar Bhavan, 6, Shiv Wastu, M.K. Road, Mumbai – 40 020. Tejpal Scheme, Road No.5, Vile Parle (E), Mumbai-57. स्थामी रेखा सं./ PAN : AAACD7612A (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) C.O.128/M/11 (Arising out of I.T.A. No.5932/M/2010(AY: 2007-2008) I.T.A. No.7716/M/2011 (Assessment Year: 2008-2009) I.T.A. No.5933/M/2012 (Ass…