What is CIT v. My Home Power Ltd. authority for?

Receipts from the sale of carbon credits are capital receipts, not business income, as they arise from environmental concerns and not from business operations. Such receipts are not taxable under Sections 2(24), 28, 45, or 56 of the Act, especially prior to the introduction of Section 115BBG.

How many judgments cite CIT v. My Home Power Ltd.?

123 judgments on BharatTax cite CIT v. My Home Power Ltd. (365 ITR 82), spanning 2015 to 2026.

Which sections of the Income Tax Act does CIT v. My Home Power Ltd. come up under?

It is most often cited in judgments turning on Section 1961, Section 143(3), Section 14A, Section 2(24), Section 80IA, Section 115BBG.

CIT v. My Home Power Ltd. (365 ITR 82)

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1248/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR

Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…to challenging the action of the ld. CIT(A) in treating the receipt on account of sale of certified emission as capital receipt (Carbon Credit receipts). We find that the Hon'ble Andhra Pradesh High Court in the case of CIT vs. My Home Power Ltd. reported in 365 ITR 82; Hon'ble Karnataka High Court in the case of CIT vs. Subhash Kabini Power Corporation Ltd reported in 385 ITR 592; Hon'ble Allahabad High Court in the case of PCIT vs L.H. Sugar Factory Pvt. Ltd. reported in 392 ITR 568 had held that Carbon Credit receipts are to be construed as capital receipts. When this was put to the ld. DR, the ld. DR fairly…

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1065/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR

Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…to challenging the action of the ld. CIT(A) in treating the receipt on account of sale of certified emission as capital receipt (Carbon Credit receipts). We find that the Hon'ble Andhra Pradesh High Court in the case of CIT vs. My Home Power Ltd. reported in 365 ITR 82; Hon'ble Karnataka High Court in the case of CIT vs. Subhash Kabini Power Corporation Ltd reported in 385 ITR 592; Hon'ble Allahabad High Court in the case of PCIT vs L.H. Sugar Factory Pvt. Ltd. reported in 392 ITR 568 had held that Carbon Credit receipts are to be construed as capital receipts. When this was put to the ld. DR, the ld. DR fairly…

M/S. Kandla Agro & Chemicals Pvt. Ltd., Gandhidham-Kutch vs. The ACIT, Gandhidham Circle, Gandhidham-Kutch

In the result, Tax Appeal is allowed

ITA 48/RJT/2021[2015-16]Status: DisposedITAT Rajkot27 Sept 2023AY 2015-16

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 143(3)Section 28

…examined by two High Courts. The Karnataka High Court in case of CIT v. Subhash Kabini Power Corporation Ltd. reported in (2016) 385 ITR 592 (Karn) and Andhra Pradesh High Court in case of Commissioner of Income tax v. My Home Power Limited reported in (2014) 365 ITR 82 (AP) have held that receipts of carbon credit are in nature of revenue receipts. Following the decision of said two High Courts, this question is also not considered.” I.T.A No. 48/Rjt/2021 A.Y. 2015-16 Page No 5 Kandla Agro & Chemicals Pvt. Ltd. Vs. ACIT 8.1. As there was a typographical/inadvertent error in the above High Court Judgment, the s…

Add. CIT Spl Range--3, New Delhi vs. Dlf Ltd, New Delhi

ITA 5919/DEL/2019[2016-17]Status: DisposedITAT Delhi19 Jul 2023AY 2016-17

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

…ccount of carbon credits amounting to Rs. 122,34,040/-. The assessee has submitted that this issue is squarely covered in favour of the assessee by the decision of the honourable on the per the High Court in Commissioner of income tax versus my home Power Ltd 365 ITR 82. Assessee has claimed the above sum as a capital receipt whereas the learned assessing officer has made the addition on the ground that the decision of the coordinate bench in case of my home Power Ltd dated 2 November 2012 has not been accepted by the revenue and is further challenged. Now we find that above decision has been confirmed by the hon…

Add. CIT Spl Range--3, New Delhi vs. Dlf Ltd, New Delhi

ITA 2238/DEL/2019[2015-16]Status: DisposedITAT Delhi19 Jul 2023AY 2015-16

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

…ccount of carbon credits amounting to Rs. 122,34,040/-. The assessee has submitted that this issue is squarely covered in favour of the assessee by the decision of the honourable on the per the High Court in Commissioner of income tax versus my home Power Ltd 365 ITR 82. Assessee has claimed the above sum as a capital receipt whereas the learned assessing officer has made the addition on the ground that the decision of the coordinate bench in case of my home Power Ltd dated 2 November 2012 has not been accepted by the revenue and is further challenged. Now we find that above decision has been confirmed by the hon…

Addl. CIT, Special Range- 03, New Delhi vs. Dlf Ltd., New Delhi

ITA 5978/DEL/2017[2014-15]Status: DisposedITAT Delhi19 Jul 2023AY 2014-15

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

…ccount of carbon credits amounting to Rs. 122,34,040/-. The assessee has submitted that this issue is squarely covered in favour of the assessee by the decision of the honourable on the per the High Court in Commissioner of income tax versus my home Power Ltd 365 ITR 82. Assessee has claimed the above sum as a capital receipt whereas the learned assessing officer has made the addition on the ground that the decision of the coordinate bench in case of my home Power Ltd dated 2 November 2012 has not been accepted by the revenue and is further challenged. Now we find that above decision has been confirmed by the hon…