CIT v. My Home Power Ltd.

365 ITR 82High Court2014#846 most cited

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.

123

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. My Home Power Ltd. · My Home Power Ltd. carbon credits · carbon credit taxability · capital receipt carbon credits · business income carbon credits · Section 2(24) · 28 · 45 · 56 · Section 115BBG prospective · environmental concerns receipts · not taxable carbon credits · Andhra Pradesh High Court carbon credits

Also reported as

46 Taxmann.com 314225 Taxmann 8

Sections most often in play

Section 1961Section 143(3)Section 14ASection 2(24)Section 80IASection 115BBGSection 115JBSection 2003)

Issues it is cited on

safe harbour rulessection 72asection 32(2)preliminary expensessection 43(6)safe harboursection 28(iv)section 43aactual payment basisadditional depreciationsection 32(1)(iia)section 72

Judgments citing CIT v. My Home Power Ltd.

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

ITA 1022/MUM/2018[2013-14]Status: DisposedITAT Mumbai27 Apr 2023AY 2013-14

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

For Appellant: Yohesh Thar &For Respondent: Biswanath Das
Section 132(1)Section 14ASection 153ASection 153C

…P a g e | 1 ITA No.1022 & 1549/Mum/2018 296 & 297/Mum/2021 Essel Mining & industries Ltd. Vs. DCIT, CC-1(4) IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA 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…

DCIT Corporate Circle-1, Coimbatore vs. M/S. Bannari Amman Sugars Ltd., Coimbatore

In the result, appeal filed by the Revenue is partly allowed

ITA 1290/CHNY/2019[2013-14]Status: DisposedITAT Chennai25 Apr 2023AY 2013-14

Bench: Shri V. Durga Rao & Dr. Manish Borad

For Appellant: Mr.R.Vijayaraghavan, AdvFor Respondent: Mr.M.Rajan, CIT
Section 115JSection 14Section 143(2)Section 14ASection 80I

…held Carbon Credit as business Income.? 7 On the facts and circumstances of the case, the CIT(A) erred in treating the sale of carbon credit as capital receipt without appreciating the fact that the decision in the case of CIT-IV vs My Home Power Ltd. (2014) 365 ITR 82 is not accepted by the Revenue and SLP is pending before the Hon'ble Supreme Court? 8 Rs.60,08,771/- (Notional) On the facts and in the circumstances of the case the learned CIT(A) erred by deleting the disallowance made under section 80IA without appreciating the fact that, as per details filed by assessee during the course of assessment proceedi…

Dcm Shriram Industries Limited, New Delhi vs. ACIT, Circle-7(1), Delhi

In the result, the appeals are partly allowed

ITA 1000/DEL/2022[2017-18]Status: DisposedITAT Delhi15 Mar 2023AY 2017-18

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2017-18 With Assessment Year 2016-17 With Assessment Year 2015-16

Section 133(6)Section 80I

…r, ITAT Hyderabad Bench in the case of CIT Vs. My Home Power Ltd. Hyderabad in ITA No. 1114/Hyd/2009 held that carbon credit receipts are capital in nature. This order of ITAT Hyderabad Bench was subsequently upheld by the Hon'ble Andhra Pradesh High Court in 365 ITR 82.” “6.2 Accordingly, respectfully following the ratio of the settled judicial precedent as aforementioned, we allow the additional grounds raised by the assessee and hold that the income from sale of carbon credits is capital in nature.” 5.3 Coming to the judgments relied upon by the AO and the Ld. CIT(A) and which have been further relied by the…

Dcm Shriram Industries Ltd, New Delhi vs. Addi. CIT National E - Assesment Centre, New Delhi

In the result, the appeals are partly allowed

ITA 539/DEL/2021[2016-17]Status: DisposedITAT Delhi15 Mar 2023AY 2016-17

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2017-18 With Assessment Year 2016-17 With Assessment Year 2015-16

Section 133(6)Section 80I

…r, ITAT Hyderabad Bench in the case of CIT Vs. My Home Power Ltd. Hyderabad in ITA No. 1114/Hyd/2009 held that carbon credit receipts are capital in nature. This order of ITAT Hyderabad Bench was subsequently upheld by the Hon'ble Andhra Pradesh High Court in 365 ITR 82.” “6.2 Accordingly, respectfully following the ratio of the settled judicial precedent as aforementioned, we allow the additional grounds raised by the assessee and hold that the income from sale of carbon credits is capital in nature.” 5.3 Coming to the judgments relied upon by the AO and the Ld. CIT(A) and which have been further relied by the…

Dcm Shriram Industries Ltd, New Delhi vs. Addi. CIT Special Range-3, New Delhi

In the result, the appeals are partly allowed

ITA 1841/DEL/2020[2015-16]Status: DisposedITAT Delhi15 Mar 2023AY 2015-16

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2017-18 With Assessment Year 2016-17 With Assessment Year 2015-16

Section 133(6)Section 80I

…r, ITAT Hyderabad Bench in the case of CIT Vs. My Home Power Ltd. Hyderabad in ITA No. 1114/Hyd/2009 held that carbon credit receipts are capital in nature. This order of ITAT Hyderabad Bench was subsequently upheld by the Hon'ble Andhra Pradesh High Court in 365 ITR 82.” “6.2 Accordingly, respectfully following the ratio of the settled judicial precedent as aforementioned, we allow the additional grounds raised by the assessee and hold that the income from sale of carbon credits is capital in nature.” 5.3 Coming to the judgments relied upon by the AO and the Ld. CIT(A) and which have been further relied by the…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3178/MUM/2019[2011-12]Status: DisposedITAT Mumbai28 Feb 2023AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 14Section 143(3)Section 14A

…ents accretion of capital with no element of profit, hence the same is not liable to tax. The appellant relies on the following judicial pronouncements: a. My Home Power Ltd. V DCIT (2013) (21 ITR 186) (HYD.ITAT) confirmed by Andhra Pradesh High Court (2014) (365 ITR 82) b. Sri Velayudhaswamy Spinning Mills P.Ltd. v DCIT (2013) [27 ITR (Trib.) 1061 (Chennai ITAT) c. Ambika Cotton Mills Ltd. vs DCIT (2013) I.T.A No.1836/MdsP012 (Chennai) d. M/S Shree Cement Ltd.- vs The ACIT (ITA No. 504/JPP012) (Jaipur) From perusal of the submissions filed before the lower authority as well as the arguments made by the Ld.AR bef…

Acc Ltd., Mumbai vs. Addl CIT(Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3139/MUM/2019[2011-12]Status: DisposedITAT Mumbai28 Feb 2023AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 14Section 143(3)Section 14A

…ents accretion of capital with no element of profit, hence the same is not liable to tax. The appellant relies on the following judicial pronouncements: a. My Home Power Ltd. V DCIT (2013) (21 ITR 186) (HYD.ITAT) confirmed by Andhra Pradesh High Court (2014) (365 ITR 82) b. Sri Velayudhaswamy Spinning Mills P.Ltd. v DCIT (2013) [27 ITR (Trib.) 1061 (Chennai ITAT) c. Ambika Cotton Mills Ltd. vs DCIT (2013) I.T.A No.1836/MdsP012 (Chennai) d. M/S Shree Cement Ltd.- vs The ACIT (ITA No. 504/JPP012) (Jaipur) From perusal of the submissions filed before the lower authority as well as the arguments made by the Ld.AR bef…

Srf Ltd., Gurgaon vs. Addl CIT, New Delhi

In the result, this ground of the assessee is allowed for statistical purposes

ITA 774/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Feb 2023AY 2009-10

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Ussrf Limited Vs. Acit Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, Ltu, New Delhi Gurgaon – 122 003 Pan No. Aaacs 0206 P (Appellant) (Respondent) Assessee By Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue By Shri Mahesh Shah, Cit (Dr) Shri Rajesh Kumar, Cit (Dr) Date Of Hearing: 10/01/2023 Date Of Pronouncement: 23/02/2023 Order Per Anil Chaturvedi, Am: The Present Appeal Is Filed By The Assessee Directed Against The Order Dated 27.09.2016 Of The Commissioner Of Income Tax (Appeals)-44, New Delhi [For Short, Cit(A)] Under Section 143(3) R.W.S 144C Of The Income Tax Act, 1961 [For Short, 'The Act'] For Assessment Year 2009-10. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

Section 143(2)Section 143(3)Section 144CSection 14ASection 92C

…r, ITAT Hyderabad Bench in the case of CIT Vs. My Home Power Ltd. Hyderabad in ITA No. 1114/Hyd/2009 held that carbon credit receipts are capital in nature. This order of ITAT Hyderabad Bench was subsequently upheld by the Hon'ble Andhra Pradesh High Court in 365 ITR 82.” “6.2 Accordingly, respectfully following the ratio of the settled judicial precedent as aforementioned, we allow the additional grounds raised by the assessee and hold that the income from sale of carbon credits is capital in nature.” 5.3 Coming to the judgments relied upon by the AO and the Ld. CIT(A) and which have been further relied by the L…

Srf Limited, New Delhi vs. ACIT, Circle- 1, Ltu, New Delhi

ITA 5892/DEL/2019[2008-09]Status: DisposedITAT Delhi23 Jan 2023AY 2008-09

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5892/Del/2019, A.Y. 2008-09

Section 115JSection 143(3)Section 250

…Ld. CIT(A) has failed to appreciate that the 2. appellant’s case is covered by numerous decisions of the Hon’ble Courts in appellant’s favor. The Ld. CIT(A) has erroneously held that appellant’s 3. case is not covered by the case of My Home Power Ltd. [2014] 365 ITR 82. Book Profits u/s 115JB of the Income Tax Act, 1961 The Ld. CIT(A) and Ld. AO have grossly erred while 4. calculating Book Profit at Nil u/s 115JB of the Income Tax Act, 1961, i.e., by not excluding the amount of receipt from transfer of CERs of Rs. 2,67,71,10,198/- from the book profit. 2 5892.Del.2019 M/s. SRF Limited The above grounds are…

Gujarat Fluorochemicals Limited., Vadodara vs. The DCIT, Circle-1(1)(1), Vadodara

The appeal of the assessee is partly allowed

ITA 751/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2014-15

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumar"नधा"रणवष"/Assessment Year: 2014-15 Gujarat Fluorochemicals Ltd., Vs. Dcit, 2Nd Floor, Abs Tower, Old Circle 1(1)(1), Padra Road, Baroda-390007 Baroda Pan : Aaacg 6725 H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Revenue By : Shri Samir Tekriwal, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 11.10.2022 घोषणा क" तार"ख /Date Of Pronouncement: 28.12.2022 आदेश/O R D E R Per Annapurna Gupta:

For Appellant: Shri S.N. Soparkar, Sr. Advocate &For Respondent: Shri Samir Tekriwal, CIT-DR
Section 115Section 115JSection 14ASection 14A(2)Section 8D(2)(i)

…examined by two High Courts. The Karnataka High Court in case of CIT v. SubhashKabini 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 questionis also not considered.” 25. Learned Departmental Representative was unable to controvert the above contention of the assessee - either on facts or in law. 26. In view of the above, the issue being covered…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Limited, Ahmedabad

ITA 2047/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2013-14
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…d ITAT has elaborately considered issue of taxing income from sale of CERs and held that such income is not liable to tax as revenue receipt in terms of Section 2(24), 28, 45 and 56 of the Act. Further, said decision was upheld by Andhra Pradesh High Court in 365 ITR 82 which reads as under: "Section 28(i) of the Income-tax Act, 1961 - Business income - Chargeable as (Carbon credits) - Assessment year 2007-08 - Appellant-company was engaged in business of power generation through biomass power generation unit - It received carbon credits, namely, carbon Emission Reduction Certificates for its project activity of…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Ltd., Ahmedabad

ITA 14/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2012-13
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…d ITAT has elaborately considered issue of taxing income from sale of CERs and held that such income is not liable to tax as revenue receipt in terms of Section 2(24), 28, 45 and 56 of the Act. Further, said decision was upheld by Andhra Pradesh High Court in 365 ITR 82 which reads as under: "Section 28(i) of the Income-tax Act, 1961 - Business income - Chargeable as (Carbon credits) - Assessment year 2007-08 - Appellant-company was engaged in business of power generation through biomass power generation unit - It received carbon credits, namely, carbon Emission Reduction Certificates for its project activity of…

Jain Irrigation Systems Ltd, Jalgaon vs. Deputy Commissioner of Income-Tax, Circle - 2, Jalgaon

Appeal is partly allowed in above terms

ITA 227/PUN/2018[2013-14]Status: DisposedITAT Pune22 Dec 2022AY 2013-14

Bench: Shri S.S.Godara & Dr.Dipak P.Ripoteआयकरअपीलसं. / Ita No.227/Pun/2018 िनधा"रणवष" / Assessment Year : 2013-14 Jain Irrigation Systems Ltd., The Deputy Commissioner Of Jain Plastic Park, N.H No.6, Vs Income Tax, Circle-2, Jalgaon – 425001. . Jalgaon. Pan: Aaacj 7163 Q Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala; Shri Prashant Maheshwari & Ms.Monicamulchandani – Ar’S Revenue By Shri B Koteswara Rao – Dr Date Of Hearing 23/09/2022 Date Of Pronouncement 22/12/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’Sappeal For Assessment Year 2013-14Is Directed Against Thedeputy Commissioner Of Income Tax, Cricle-2, Jalgaon’S Assessment Order Dated 29.10.2017, Framed In Furtherance To The Dispute Resolution Panel-3, Mumbai (Drp)’S Direction Dated 25.09.2017 Passed In Objection No.78, In Proceedings U/S 143(3) R,.W.S 144C(5) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)Section 92D

…आयकर अपीलीय अिधकरण “सी” "ायपीठ पुणेम"। IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “C” :: PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR.DIPAK P.RIPOTE, ACCOUNTANT MEMBER आयकरअपीलसं. / ITA No.227/PUN/2018 िनधा"रणवष" / Assessment Year : 2013-14 Jain Irrigation Systems Ltd., The Deputy Commissioner of Jain Plastic Park, N.H No.6, Vs Income Tax, Circle-2, Jalgaon – 425001. . Jalgaon. PAN: AAACJ 7163 Q Appellant/ Assessee Respondent /Revenue Assessee by Shri Percy Pardiwala; Shri Prashant Maheshwari and Ms.MonicaMulchandani – AR’s Revenue by Shri B Koteswara Rao – DR Date of hearing 23/09/2022 Date of pron…

Navin Flurine International, Mumbai vs. Dy CIT 7(3)(1), Mumbai

In the result, appeal of the Revenue is fully dismissed

ITA 6532/MUM/2019[2012-13]Status: DisposedITAT Mumbai30 Nov 2022AY 2012-13

Bench: Shri Aby T Varkey & Shri Gagan Goyal

For Appellant: Ms. Aarti Vissanji &For Respondent: Sh. Manoj Kumar Sinha, DR
Section 115JSection 14ASection 35Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No. 6533/Mum/2019 (A.Y. 2013-14) Navin Fluorine International Ltd. Suntech Centre, 2nd Floor, 37/40, Subhash Road, Vile Parle (E), Mumbai- 400 057. PAN: AABCP0464B ...... Appellant Vs. Dy.CIT-7(3)(1), Aayakar Bhavan, M.K. Road, Mumbai- 400 020. ..... Respondent ITA No. 6816/Mum/2019 (A.Y. 2013-14) Dy.CIT-10(3)(1), Room No. 217/212, 1st Floor, Aayakar Bhavan, M.K. Road, Mumbai- 400 020. ..... Appellant Vs. Navin Fluorine International Ltd. Suntech Centre, 2nd Floor, 37…

DCIT, Corp Cir 3(1), Chennai vs. Tamilnadu Newsprint and Papers Ltd., Chennai

In the result, the appeals filed by the assessee in ITA

ITA 630/CHNY/2019[2013-14]Status: DisposedITAT Chennai22 Jul 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita Nos.:1048/Chny/2017 & 3499/Chny/2018 िनधा"रण वष" /Assessment Years: 2012-13 & 2014-15 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Papers Ltd., Vs. Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1077/Chny/2017 & 630/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13 & 2013-14 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Vs. Papers Ltd., Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Vikram Vijayaraghavan, Advocate राज" की ओर से /Revenue By : Shri M. Rajan, Cit & Shri P. Sajit Kumar, Jcit सुनवाई क" तार"ख/Date Of Hearing : 19.07.2022 घोषणा क" तार"ख/Date Of Pronouncement : 22.07.2022

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri M. Rajan, CIT &
Section 10(34)Section 143(3)Section 14A

…ated that the Carbon Credit is earned out of Wind Farm project (eligible business), the same qualifies for deduction U/sec.80IA of the Act. The appellant relies on the decision of Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd, Reported in 365 ITR 82(AP). 3.1 Brief facts are that the AO noted that the assessee has first credited the receipts from carbon credit in the profit & loss account and then claimed deduction u/s.80IA of the Act. According to AO, the assessee cannot claim deduction u/s.80IA of the Act in regard to carbon credit and thereby carbon credit of Unit-II amounting to Rs.39,21,…

Tamilnadu Newsprint and Papers Ltd, Chennai vs. ACIT, Corp Cir -3(1), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 3499/CHNY/2018[2014-15]Status: DisposedITAT Chennai22 Jul 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita Nos.:1048/Chny/2017 & 3499/Chny/2018 िनधा"रण वष" /Assessment Years: 2012-13 & 2014-15 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Papers Ltd., Vs. Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1077/Chny/2017 & 630/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13 & 2013-14 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Vs. Papers Ltd., Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Vikram Vijayaraghavan, Advocate राज" की ओर से /Revenue By : Shri M. Rajan, Cit & Shri P. Sajit Kumar, Jcit सुनवाई क" तार"ख/Date Of Hearing : 19.07.2022 घोषणा क" तार"ख/Date Of Pronouncement : 22.07.2022

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri M. Rajan, CIT &
Section 10(34)Section 143(3)Section 14A

…ated that the Carbon Credit is earned out of Wind Farm project (eligible business), the same qualifies for deduction U/sec.80IA of the Act. The appellant relies on the decision of Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd, Reported in 365 ITR 82(AP). 3.1 Brief facts are that the AO noted that the assessee has first credited the receipts from carbon credit in the profit & loss account and then claimed deduction u/s.80IA of the Act. According to AO, the assessee cannot claim deduction u/s.80IA of the Act in regard to carbon credit and thereby carbon credit of Unit-II amounting to Rs.39,21,…

ACIT, Chennai vs. Tamil Nadu Newsprint & Papers Ltd., Chennai

In the result, the appeals filed by the assessee in ITA

ITA 1077/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Jul 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita Nos.:1048/Chny/2017 & 3499/Chny/2018 िनधा"रण वष" /Assessment Years: 2012-13 & 2014-15 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Papers Ltd., Vs. Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1077/Chny/2017 & 630/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13 & 2013-14 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Vs. Papers Ltd., Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Vikram Vijayaraghavan, Advocate राज" की ओर से /Revenue By : Shri M. Rajan, Cit & Shri P. Sajit Kumar, Jcit सुनवाई क" तार"ख/Date Of Hearing : 19.07.2022 घोषणा क" तार"ख/Date Of Pronouncement : 22.07.2022

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri M. Rajan, CIT &
Section 10(34)Section 143(3)Section 14A

…ated that the Carbon Credit is earned out of Wind Farm project (eligible business), the same qualifies for deduction U/sec.80IA of the Act. The appellant relies on the decision of Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd, Reported in 365 ITR 82(AP). 3.1 Brief facts are that the AO noted that the assessee has first credited the receipts from carbon credit in the profit & loss account and then claimed deduction u/s.80IA of the Act. According to AO, the assessee cannot claim deduction u/s.80IA of the Act in regard to carbon credit and thereby carbon credit of Unit-II amounting to Rs.39,21,…

Tamilnadu Newsprint and Papers Ltd., Chennai vs. ACIT, Chennai

In the result, the appeals filed by the assessee in ITA

ITA 1048/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Jul 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita Nos.:1048/Chny/2017 & 3499/Chny/2018 िनधा"रण वष" /Assessment Years: 2012-13 & 2014-15 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Papers Ltd., Vs. Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1077/Chny/2017 & 630/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13 & 2013-14 The Acit, The Tamilnadu Newsprint & Corporate Circle -3(1), Vs. Papers Ltd., Chennai – 34. No.67, Tnpl Building, Mount Road, Chennai – 600 032. Pan: Aaact 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Vikram Vijayaraghavan, Advocate राज" की ओर से /Revenue By : Shri M. Rajan, Cit & Shri P. Sajit Kumar, Jcit सुनवाई क" तार"ख/Date Of Hearing : 19.07.2022 घोषणा क" तार"ख/Date Of Pronouncement : 22.07.2022

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri M. Rajan, CIT &
Section 10(34)Section 143(3)Section 14A

…ated that the Carbon Credit is earned out of Wind Farm project (eligible business), the same qualifies for deduction U/sec.80IA of the Act. The appellant relies on the decision of Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd, Reported in 365 ITR 82(AP). 3.1 Brief facts are that the AO noted that the assessee has first credited the receipts from carbon credit in the profit & loss account and then claimed deduction u/s.80IA of the Act. According to AO, the assessee cannot claim deduction u/s.80IA of the Act in regard to carbon credit and thereby carbon credit of Unit-II amounting to Rs.39,21,…

The Dy. CIT, Gandhinagar Circle, Gandhinagar vs. M/S. Kalparatru Power Transmission Limited, Gandhinagar

Appeal of the assessee is dismissed

ITA 2853/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad06 Jul 2022AY 2012-13
For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 143(3)Section 250(6)Section 92C

…from an activity which is not a trading activity is capital in nature by following observation:- 19.1 The Hon'ble High Court further relied on the judgment of Hon'ble Andhra Pradesh High Court in the case of CIT vs. My Home Power Ltd [2014] 46 taxmann.com 314/365 ITR 82 and the judgment of Hon'ble Karnataka High Court in the case of CIT vs. D.G. Gopala Gowda, [2013] 354 ITR 501, which have taken the same view on realization of carbon credits as capital receipt. There is no contrary judgment and the two Hon'ble High Courts, i.e. Andhra Pradesh High Court and Karnataka High Court, having taken a concurrent view on…

Kalpataru Power Transmission Ltd., Gandhinagar vs. The Dy. CIT, Gandhinagar Circle, Gandhinagar

Appeal of the assessee is dismissed

ITA 2472/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jul 2022AY 2013-14
For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 143(3)Section 250(6)Section 92C

…from an activity which is not a trading activity is capital in nature by following observation:- 19.1 The Hon'ble High Court further relied on the judgment of Hon'ble Andhra Pradesh High Court in the case of CIT vs. My Home Power Ltd [2014] 46 taxmann.com 314/365 ITR 82 and the judgment of Hon'ble Karnataka High Court in the case of CIT vs. D.G. Gopala Gowda, [2013] 354 ITR 501, which have taken the same view on realization of carbon credits as capital receipt. There is no contrary judgment and the two Hon'ble High Courts, i.e. Andhra Pradesh High Court and Karnataka High Court, having taken a concurrent view on…