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.

Prism Cement Ltd, Mumbai vs. DCIT CC 6(1), Mumbai

ITA 804/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Jan 2021AY 2012-13

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 804 & 805/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13 & 2011-12)

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri V. Sreekar, DR
Section 115JSection 143(1)Section 143(2)Section 14A

…nd entities in the developing country was their guilt for generating harmful gas by doling out names to those who save emission of harmful gases. Before Ld. CIT(A), assessee relied on the judgement of ITAT Hyderabad in the case of My Home Power Ltd. vrs. CIT [365 ITR 82 (AP)] which was subsequently confirmed by the Hon’ble Andhra Pradesh High Court. Assessee further submitted before Ld. CIT(A) that the same issue was dealt and decided by Hon’ble Karnataka High Court in the case of CIT vs. Subhash Kabini Power Corporation Ltd. [69 Taxmann.com 399 (Karnataka)] in favour of the assessee. However, Ld. CIT(A) relied o…

DCIT, New Delhi vs. M/S. Dlf Ltd., New Delhi

In the result ITA number 4794/del/2015 filed by the learned assessing officer for assessment year 2011 – 12 is dismissed

ITA 4794/DEL/2015[2011-12]Status: DisposedITAT Delhi29 Sept 2020AY 2011-12

Bench: Sh. Prashant Maharishi & Sh. K. N. Chary(Through Video Conferencing) Dlf Limited Addl. Cit Dlf Centre, (9Th Floor) Vs Range-10 Sansad Marg, 404, C. R. Building New Delhi-110001 New Delhi Pan No.Aaacd3494N (Appellant) (Respondent) Addl. Cit Dlf Limited Dlf Centre, (9Th Floor) Range-10 Vs 404, C. R. Building Sansad Marg, New Delhi New Delhi-110001 Pan No.Aaacd3494N (Appellant) (Respondent)

Section 14ASection 80I

…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…

Dlf Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result ITA number 4794/del/2015 filed by the learned assessing officer for assessment year 2011 – 12 is dismissed

ITA 4159/DEL/2015[2011-12]Status: DisposedITAT Delhi29 Sept 2020AY 2011-12

Bench: Sh. Prashant Maharishi & Sh. K. N. Chary(Through Video Conferencing) Dlf Limited Addl. Cit Dlf Centre, (9Th Floor) Vs Range-10 Sansad Marg, 404, C. R. Building New Delhi-110001 New Delhi Pan No.Aaacd3494N (Appellant) (Respondent) Addl. Cit Dlf Limited Dlf Centre, (9Th Floor) Range-10 Vs 404, C. R. Building Sansad Marg, New Delhi New Delhi-110001 Pan No.Aaacd3494N (Appellant) (Respondent)

Section 14ASection 80I

…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…

Asst CIT(Ltu) 1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is partly allowed for statistical purpose

ITA 4704/MUM/2015[2010-11]Status: DisposedITAT Mumbai24 Feb 2020AY 2010-11

Bench: Shri Vikas Awasthy & Shri N.K.Pradhanaditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 Pan:Aaaci 1747H ...... Appellant Vs. Addl. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant

For Appellant: S/Shri Jahangir D. Mistri/For Respondent: Shri Anand Mohan
Section 14ASection 14A(2)Section 8D(2)

…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…

Srf Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, the appeal of the appellant- assessee is partly allowed

ITA 5784/DEL/2016[2012-13]Status: DisposedITAT Delhi24 Feb 2020AY 2012-13

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Shri Pradeep Dinodia, AdvFor Respondent: Shri H.K. Chaudhary, CIT-D.R
Section 10ASection 115JSection 14ASection 92BSection 92C

…ts in its total income while filing the return of income. Subsequently the decision reported in My Home Power Ltd. vs DCIT [2012] 27 taxmann.com 27 151 TTJ 616 subsequently confirmed by the Hon’ble Andhra Pradesh High Court in CIT vs My Home Power Ltd. [2014] 365 ITR 82, described carbon credits as an offshoot of environmental concerns and not offshoot of business and hence held as capital receipt in nature. In light of above judgment the assessee claimed before AO that such receipts from sale of CER certificates are not chargeable to tax being such receipts capital in nature and hence should be excluded from the…

M/S. Rajshree Sugars & Chemicals Ltd., Coimbatore vs. ACIT, Coimbatore

In the result, Ground Nos

ITA 1126/CHNY/2011[2007-08]Status: DisposedITAT Chennai05 Dec 2019AY 2007-08
For Respondent: Mr. M. Srinivasa Rao, CIT-DR
Section 80I

…prayer that the receipts from the sale of the carbon credit is liable to be treated as the capital receipts in view of the decision of the Co-ordinate Bench of the Tribunal, Hyderabad Benches in the case of Commissioner of Income Tax Vs. My Home Power Limited 365 ITR 82 (AP). It was further a submission by the learned Authorized Representative that for the Assessment Year 2008-09 and 2010-11 :- 3 -: and in ITA Nos.851/Mds/2012 and 2235/Mds/2014 vide order dated 28.12.2016, the issue of the additional ground, wherein the assessee has claimed the receipts on the sale of the carbon credits as a capital receipt had b…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2963/CHNY/2017[2014-15]Status: DisposedITAT Chennai04 Dec 2019AY 2014-15

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2962/CHNY/2017[2013-14]Status: DisposedITAT Chennai04 Dec 2019AY 2013-14

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2961/CHNY/2017[2012-13]Status: DisposedITAT Chennai04 Dec 2019AY 2012-13

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2960/CHNY/2017[2011-12]Status: DisposedITAT Chennai04 Dec 2019AY 2011-12

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2958/CHNY/2017[2009-10]Status: DisposedITAT Chennai04 Dec 2019AY 2009-10

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

ACIT Ltu-2, Chennai vs. Chemplast Sanmar Limited, Chennai

In the result, the appeal of the assessee in I

ITA 2957/CHNY/2017[2008-09]Status: DisposedITAT Chennai04 Dec 2019AY 2008-09

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

Chemplast Sanmar Limited, Chennai vs. DCIT Ltu, Chennai

In the result, the appeal of the assessee in I

ITA 2810/CHNY/2017[2013-14]Status: DisposedITAT Chennai04 Dec 2019AY 2013-14

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

Chemplast Sanmar Limited, Chennai vs. DCIT Ltu, Chennai

In the result, the appeal of the assessee in I

ITA 2809/CHNY/2017[2012-13]Status: DisposedITAT Chennai04 Dec 2019AY 2012-13

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

Chemplast Sanmar Limited, Chennai vs. DCIT Ltu, Chennai

In the result, the appeal of the assessee in I

ITA 2808/CHNY/2017[2011-12]Status: DisposedITAT Chennai04 Dec 2019AY 2011-12

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

Chemplast Sanmar Limited, Chennai vs. DCIT Ltu, Chennai

In the result, the appeal of the assessee in I

ITA 2807/CHNY/2017[2010-11]Status: DisposedITAT Chennai04 Dec 2019AY 2010-11

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.2807, 2808, 2809 & 2810/Chny/2017 धनिाजरण वर्ज /Assessment Years: 2010-11, 2011-12, 2012-13 & 2013-14 M/S. Chemplast Sanmar Limited, The Deputy Commissioner Of No.9, Cathedral Road, Income Tax, Chennai – 600 086. Vs. Large Tax Payer Unit, [Pan: Aaacc 3000F] 1775, 21 Mahatma Gandhi High Road, Chennai – 600 034 (अपीलार्थी/Appellant) (प्रत्यथी/Respondent)

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Mr. M. Srinivasa Rao, JCIT

…on that however subsequently the Hon’ble Karnataka High Court in the case of Commissioner of Income Tax-III vs. Subhash Kabini Power Corporation Limited followed the decision of the Hon’ble Hyderabad High Court in the case of My Home Power Limited reported in 365 ITR 82 (AP) and has held the issue in favour of the assessee. It was further a submission that the Hon’ble High Court of Allahabad had also followed the decision in the case of My Home Power Limited referred to supra and had held that the carbon credits was a capital receipt. It was further a submission that the Co-ordinate Bench of this Tribunal in the…

Malpani Tea Corporation, Sangamner vs. Deputy Commissioner of Income-Tax, Circle - 3, Pune

In the result, the appeal of the assessee is partly allowed

ITA 2181/PUN/2017[2014-15]Status: DisposedITAT Pune19 Nov 2019AY 2014-15

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.2181/Pun/2017 िनधा"रण वष" / Assessment Year : 2014-15 Malpani Tea Corporation, S.No.150, Malpani House, Sangamner, Ahmednagar-422605. .......अपीलाथ" / Appellant Pan : Aacfd1713B बनाम / V/S. Dcit, Circle-3, ……""यथ" / Respondent Pune. Assessee By : Shri Nikhil Pathak Revenue By : Shri Pankaj Garg सुनवाई क" तारीख / Date Of Hearing : 14.11.2019 घोषणा क" तारीख / Date Of Pronouncement : 19.11.2019 आदेश / Order Per D. Karunakara Rao, Am: This Appeal Filed By The Assessee Is Against The Order Of The Cit(A)-2, Pune Dated 20.07.2017 For The Assessment Year 2014-15. 2. The Grounds Raised By The Assessee Are As Under :- “1] The Learned Cit(A) Erred In Holding That The Income On Sale Of Certified Emission Reduction / Carbon Credit Was Taxable As Profits & Gains Of The Assessee & Thereby, Erred In Confirming The Addition Of Rs.31,003 /- In The Hands Of The Assessee. 2] The Learned Cit (A) Failed To Appreciate That The Amount Received By The Assessee On Sale Of Certified Emission Reduction / Carbon Credit Was A Capital Receipt In The Hands Of The Assessee Which Was Not Taxable At All. 3] The Learned Cit(A) Erred In Holding That The Amount Received On Sale Of Certified Emission Reduction / Carbon Credit Was A Benefit Derived During The Course Of The Business Of The Assessee & Therefore, The Same Was Taxable U/S 28(Iv) R.W.S. 2(24)(Vd). 4] The Learned Cit(A) Failed To Appreciate That Certified Emission Reduction / Carbon Credit Was Received By The Assessee On Account Of Environmental Concerns & Not Arising Out Of The Business Carried Out & Hence, The Same Could Not Be Treated As An Income Of The Assessee U/S 28(Iv) R.W.S. 2(24)(Vd).

For Appellant: Shri Nikhil PathakFor Respondent: Shri Pankaj Garg
Section 28Section 80I

…आयकर अपीलीय अिधकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं. / ITA No.2181/PUN/2017 िनधा"रण वष" / Assessment Year : 2014-15 Malpani Tea Corporation, S.No.150, Malpani House, Sangamner, Ahmednagar-422605. .......अपीलाथ" / Appellant PAN : AACFD1713B बनाम / V/s. DCIT, Circle-3, ……""यथ" / Respondent Pune. Assessee by : Shri Nikhil Pathak Revenue by : Shri Pankaj Garg सुनवाई क" तारीख / Date of Hearing : 14.11.2019 घोषणा क" तारीख / Date of Pronouncement : 19.11.2019 आदेश / ORDER PER D. KARUNAKARA RAO,…

The Addl.CIT, Range-1, Baroda vs. Gujarat Fluorochemeicals Ltd, Baroda

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

ITA 548/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2010-11

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

For Appellant: Shri S.N. Soparkar, and Shri Parin Shah, ARFor Respondent: Shri Subhas Bains, CIT-DR and Shri Vinod Tanwani, Sr.DR

…ined by two High Courts. The Karnataka High Court in the case of CIT Vs. Subhas Kabini Corporation Ltd., reported in (2016) 385 ITR 592 (Karn) and Andhra Pradesh High Court in the case of Commissioner of Income-tax Vs. My Home Power Limited reported in (2014) 365 ITR 82(A) have held that receipts of carbon credit are in the nature of revenue receipts. Following the decisions of said two High courts, this question is also not considered.” It is to be noted here that the Hon’ble Gujarat High Court has thereafter issued a corrigendum in the above order in OJMCA/1/2018 in Tax Appeal No.553 of 2017 wherein the applic…

Gujarat Flurochemicals Limited, Baroda vs. The Dy.CIT, Circle-1(1), Baroda

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

ITA 117/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2011-12

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

For Appellant: Shri S.N. Soparkar, and Shri Parin Shah, ARFor Respondent: Shri Subhas Bains, CIT-DR and Shri Vinod Tanwani, Sr.DR

…ined by two High Courts. The Karnataka High Court in the case of CIT Vs. Subhas Kabini Corporation Ltd., reported in (2016) 385 ITR 592 (Karn) and Andhra Pradesh High Court in the case of Commissioner of Income-tax Vs. My Home Power Limited reported in (2014) 365 ITR 82(A) have held that receipts of carbon credit are in the nature of revenue receipts. Following the decisions of said two High courts, this question is also not considered.” It is to be noted here that the Hon’ble Gujarat High Court has thereafter issued a corrigendum in the above order in OJMCA/1/2018 in Tax Appeal No.553 of 2017 wherein the applic…

Gujarat Flurochemicals Limited, Baroda vs. The Addl. CIT, Range-1, Baroda

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

ITA 116/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2010-11

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

For Appellant: Shri S.N. Soparkar, and Shri Parin Shah, ARFor Respondent: Shri Subhas Bains, CIT-DR and Shri Vinod Tanwani, Sr.DR

…ined by two High Courts. The Karnataka High Court in the case of CIT Vs. Subhas Kabini Corporation Ltd., reported in (2016) 385 ITR 592 (Karn) and Andhra Pradesh High Court in the case of Commissioner of Income-tax Vs. My Home Power Limited reported in (2014) 365 ITR 82(A) have held that receipts of carbon credit are in the nature of revenue receipts. Following the decisions of said two High courts, this question is also not considered.” It is to be noted here that the Hon’ble Gujarat High Court has thereafter issued a corrigendum in the above order in OJMCA/1/2018 in Tax Appeal No.553 of 2017 wherein the applic…