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.

Tha Addl. CIT, Range-1, Baroda vs. M/S. Gujarat Flurochemicals Limited., Baroda

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

ITA 106/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 Fluorochemeicals Ltd, Baroda vs. The Dy.CIT., Circle-1(1)(1), Baroda

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

ITA 135/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2008-09

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…

The DCIT, Circle-1(1), Baroda vs. Gujarat Flurochemicals Ltd., Baroda

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

ITA 2546/AHD/2012[2009-10]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2009-10

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 Ltd., 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 2365/AHD/2012[2009-10]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2009-10

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…

The Joint Commissioner of Income Tax(OSD), Gandhinagar vs. Kalpataru Power Transmission Ltd., Gandhinagar

In the result, Revenue’s appeal in ITA No

ITA 1463/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad10 May 2019AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad1. आयकर अपील सं./I.T.A. No.1462/Ahd/2016 2.आयकर अपील सं./I.T.A. No.1463/Ahd/2016 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12 Respectively)

For Appellant: Shri O.P.Sharma, CIT-DRFor Respondent: Shri Bhavin Marfatiya, AR
Section 14A

…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…

The Joint Commissioner of Income Tax(OSD), Gandhinagar vs. Kalpataru Power Transmission Ltd., Gandhinagar

In the result, Revenue’s appeal in ITA No

ITA 1462/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad10 May 2019AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad1. आयकर अपील सं./I.T.A. No.1462/Ahd/2016 2.आयकर अपील सं./I.T.A. No.1463/Ahd/2016 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12 Respectively)

For Appellant: Shri O.P.Sharma, CIT-DRFor Respondent: Shri Bhavin Marfatiya, AR
Section 14A

…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 Fluorochemicals Limited, Vadodara vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Vadodara

In the result, both appeals of the assessee are partly allowed

ITA 805/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad03 Aug 2018AY 2012-13

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

For Appellant: Shri S.N. Soparkar and Shri Parin Shah, ARFor Respondent: Shri O.P. Vaishnav, CIT-DR
Section 115JSection 143(2)Section 143(3)Section 14A

…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., Vadodara vs. The ACIT, Circle-1(1)(1), Vadodara

In the result, both appeals of the assessee are partly allowed

ITA 2744/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad03 Aug 2018AY 2013-14

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

For Appellant: Shri S.N. Soparkar and Shri Parin Shah, ARFor Respondent: Shri O.P. Vaishnav, CIT-DR
Section 115JSection 143(2)Section 143(3)Section 14A

…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…

DCIT Cent. Cir. - 8(4), Mumbai vs. Savita Oil Technologies Ltd., Mumbai

In the result, Revenue’s appeal is dismissed

ITA 5318/MUM/2016[2012-13]Status: DisposedITAT Mumbai29 Jun 2018AY 2012-13

Bench: Shri Saktijit Dey & Shri Dr. A.L. Sainidy. Commissioner Of Income Tax ……………. Appellant Central Circle–8(4), Mumbai V/S M/S. Savita Oil Technologies Ltd. 66/67, Nariman Bhavan ……………. Respondent Nariman Point, Mumbai 400 021 Pan – Aaacs7934A Dy. Commissioner Of Income Tax ……………. Appellant Central Circle–8(4), Mumbai V/S M/S. Savita Oil Technologies Ltd. 66/67, Nariman Bhavan ……………. Respondent Nariman Point, Mumbai 400 021 Pan – Aaacs7934A

For Appellant: Shri Shiv PrakashFor Respondent: Shri H.N. Singh
Section 80I

…ack the amount to the income of the assessee. Assessee challenged the addition before the first appellate authority. 12. The learned Commissioner (Appeals) following the decision of the Hon'ble Andhra Pradesh High Court in case of CIT v/s My Home Power Ltd., 365 ITR 82 (AP) accepted assessee’s claim of capital receipt and accordingly deleted the addition made by the Assessing Officer. 13. The learned Departmental Representative, though, fairly submitted that identical issue has been decided by the Tribunal in favour of the assessee in preceding assessment years, however, he relied upon the observations of the A…

DCIT 9(3)(1), Mumbai vs. Dodson Lindblom Hydro Power P.Ltd, Mumbai

ITA 6704/MUM/2016[2012-13]Status: DisposedITAT Mumbai12 Jun 2018AY 2012-13

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.

For Appellant: Shri Pankaj K. Jain-ARFor Respondent: Shri Ram Tiwari-DR
Section 143(3)Section 254(1)Section 36(1)(iii)

….80IA(4) of the Act. The contents of para 1.5 of the CIT(A)’s order are relevant in this regard. On these facts, both the parties brought our attention to the judgment of the Hon’ble High Court of Andra Pradesh in the case of CIT vs. My Home Power Ltd. [2014] 365 ITR 82 (AP) and mentioned that the income derived from the sale of carbon credits is considered as a ‘capital receipt’ and not ‘business receipt’ and the same is not liable for tax under the Act. To that extent, 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…

Asst CIT Cen Cir 8(4), Mumbai vs. Savita Oil Technologies Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1730/MUM/2016[2011-12]Status: DisposedITAT Mumbai16 Feb 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blea.C.I.T. Cc – 8(4) V. M/S. Savita Oil Technologies Ltd. 6Th Floor, Room No. 658, 66/67, Nariman Bhavan, Aayakar Bhavan,M.K. Road, Nariman Point, Mumbai-400 020 Mumbai – 400 021 Pan No: Aaacs 7934 A (Appellant) (Respondent)

For Appellant: Shri Shiv PrakashFor Respondent: Shri Purushotham Kumar
Section 80I

…e Hon’ble Supreme Court." 2) "On the facts and in the circumstances, of the case and in law, the Id CIT(A) erred in deleting the addition of Rs. 24,95,552/- relying on the decision art the Hon'ble Andhra Pradesh High Court in the Case M/s. My Home Power ltd., 365 ITR 82 without appreciating the fact that the above said decision has not been accepted by the Department and SLP has been filed and the same is pending” 3) "On the facts and in the circumstances of the case and in law, the Id CIT(A) erred in allowing the disallowance of interest of ₹.6,70,738/- under clause (ii) of Rule 8D(2) relying on the decision Of…

DCIT, New Delhi vs. M/S. Srf Ltd., Gurgaon

In the result, the appeal of the Revenue is dismissed, and the appeal of the assessee is allowed in part for statistical purpose

ITA 3849/DEL/2013[2008-09]Status: DisposedITAT Delhi15 Nov 2017AY 2008-09

Bench: Sh.G.D.Agrawal, Hon’Ble & Sh.K.N.Charyvs Srf Ltd., Dcit, Circle-9(1), Room No.163, Block-C, Sector-45, Gurgaon. C.R. Building, New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Vs Jcit (Osd), Srf Ltd., Unitech Crest, Greenwood City, Circle-9(1), Block-C, Sector-45, Gurgaon-122003. New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Appellant By Sh.S.S.Rana, Cit Dr Respondent By Sh. Pradeep Dinodia, Ca & Sh. R.K.Kapoor, Ca Date Of Hearing 12.10.2017 Date Of Pronouncement 15.11.2017

Section 14Section 143(3)Section 14A

…d by the assessee. 6. Before Ld.CIT(A), the assessee argued that in view of the decision reported in My Home Power Ltd. vs DCIT [2012] 27 taxmann.com 27 151 TTJ 616 and confirmed by the Hon’ble Andhra Pradesh High Court in CIT vs My Home Power Ltd. [2014] 365 ITR 82, an amount of Rs.267.71 crores on account of CER was a capital receipt and cause of action had arisen to assessee to claim the same on the declaration of law by the Hon’ble High Court. It was argued that the tax authorities do not get any jurisdiction to bring to tax any amount offered by the assessee under a mistaken impression or not being pro…

Srf Ltd., Gurgaon vs. JCIT (OSD), New Delhi

In the result, the appeal of the Revenue is dismissed, and the appeal of the assessee is allowed in part for statistical purpose

ITA 3437/DEL/2013[2008-09]Status: DisposedITAT Delhi15 Nov 2017AY 2008-09

Bench: Sh.G.D.Agrawal, Hon’Ble & Sh.K.N.Charyvs Srf Ltd., Dcit, Circle-9(1), Room No.163, Block-C, Sector-45, Gurgaon. C.R. Building, New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Vs Jcit (Osd), Srf Ltd., Unitech Crest, Greenwood City, Circle-9(1), Block-C, Sector-45, Gurgaon-122003. New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Appellant By Sh.S.S.Rana, Cit Dr Respondent By Sh. Pradeep Dinodia, Ca & Sh. R.K.Kapoor, Ca Date Of Hearing 12.10.2017 Date Of Pronouncement 15.11.2017

Section 14Section 143(3)Section 14A

…d by the assessee. 6. Before Ld.CIT(A), the assessee argued that in view of the decision reported in My Home Power Ltd. vs DCIT [2012] 27 taxmann.com 27 151 TTJ 616 and confirmed by the Hon’ble Andhra Pradesh High Court in CIT vs My Home Power Ltd. [2014] 365 ITR 82, an amount of Rs.267.71 crores on account of CER was a capital receipt and cause of action had arisen to assessee to claim the same on the declaration of law by the Hon’ble High Court. It was argued that the tax authorities do not get any jurisdiction to bring to tax any amount offered by the assessee under a mistaken impression or not being pro…

Lanco Tanjore Power Company Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee stands allowed

ITA 1321/CHNY/2017[2010-11]Status: DisposedITAT Chennai12 Oct 2017AY 2010-11

Bench: Shri Chandra Poojari & Shri George Mathanआयकर अपील सं./Ita No.1321/Mds/2017 "नधा"रण वष" /Assessment Year: 2010-11

Section 80I

…of the ITAT Cochin Bench in the case of Apollo Tyres Ltd., reported in 149 ITD 756 (Cochin). It was a submission that now the issue was squarely covered by the decision of the Hon’ble Andhra Pradesh High Court in the case of My Home Power Ltd., reported in 365 ITR 82 (AP). It was a submission that as per the decision of the Hon’ble Andhra Pradesh High Court, the Carbon Credits was not an offshoot of business but offshoot of environmental concerns. Consequently, the sale of the excess Carbon Credits was capital receipt. It was a submission that the AO may be directed to assess the benefit of Carbon Credits as…

Howrah Mills Limited, Howrah vs. DCIT, CC-Xxii, Kolkata

In the result the appeal of the revenue is dismissed

ITA 1994/KOL/2014[2010-2011]Status: DisposedITAT Kolkata18 Aug 2017AY 2010-2011

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2010-11

For Appellant: Shr Rakesh Jain, CAFor Respondent: Shri Sallong Yaden , Addl. CIT
Section 143(3)Section 40

…hat there is no merit in the said ground. In the following judgments it has been held that receipts on account of carbon credit is not in the nature of income and not chargeable to tax. (i) The Andhra Pradesh High Court in case of CIT Vs. My Home Power Ltd. [365 ITR 82] wherein it was held that "carbon credit was not an offshoot of business of the assessee but an offshoot of environmental concerns. No asset was generated in the course of business but it was generated due to environmental concerns. There was no cost of acquisition or cost of production to get entitlement for the carbon credits. Therefore, the inc…

D.C.I.T., Circle-1, Kolkata vs. M/S. Howrah Mills Company Limited, Howrah

In the result the appeal of the revenue is dismissed

ITA 1894/KOL/2014[2010-2011]Status: DisposedITAT Kolkata18 Aug 2017AY 2010-2011

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2010-11

For Appellant: Shr Rakesh Jain, CAFor Respondent: Shri Sallong Yaden , Addl. CIT
Section 143(3)Section 40

…hat there is no merit in the said ground. In the following judgments it has been held that receipts on account of carbon credit is not in the nature of income and not chargeable to tax. (i) The Andhra Pradesh High Court in case of CIT Vs. My Home Power Ltd. [365 ITR 82] wherein it was held that "carbon credit was not an offshoot of business of the assessee but an offshoot of environmental concerns. No asset was generated in the course of business but it was generated due to environmental concerns. There was no cost of acquisition or cost of production to get entitlement for the carbon credits. Therefore, the inc…

Rajasthan State Mines & Minerals Ltd., Jaipur vs. ACIT, Jaipur

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

ITA 253/JPR/2015[2007-08]Status: DisposedITAT Jaipur30 May 2017AY 2007-08

…the contrary, the Ld. Counsel for the assessee reiterated the submissions as made in the written submissions and submitted that Ld. CIT(A) has followed the decision of the Hon’ble Andhra Pradesh High Court rendered in the case of CIT vs. My Home Power Ltd. 365 ITR 82. 12.2 We have heard the rival contention, perused the material available on record and gone through the order of the authorities below. The Ld. CIT (A) has considered the submissions of the assessee and decided the issue in para 4.3 as under:- “4.3 I have perused the facts of the case, the assessment order and the submissions of the appellant. T…

Srf Limited, Gurgaon vs. DCIT, New Delhi

In the result we also set aside the appeal of the assessee against chargeability of interest under section 234C of the income tax act back to the file of the Ld

ITA 2181/DEL/2009[2006-07]Status: DisposedITAT Delhi10 Apr 2017AY 2006-07

Bench: Shri H.S.Sidhu & Shri Prashant Maharishisrf Limited, Vs. Dcit, Block-C, Sector-45, Gurgaon Circle-9(1), Pan: Aaacs0206P New Delhi (Appellant) (Respondent) Dcit, Srf Limited, Vs. Circle-9(1), Block-C, Sector-45, Gurgaon New Delhi Pan: Aaacs0206P (Appellant) (Respondent) Srf Limited, Vs. Addl Cit, Block-C, Sector-45, Gurgaon Circle-9(1), Cr Building, Pan: Aaacs0206P New Delhi (Appellant) (Respondent)

For Appellant: Sh. Pradeep Dinodia, CAFor Respondent: Sh. SS Rana, CIT DR
Section 14ASection 208Section 234C

…the decision of the Hon‟ble Supreme Court in case of NTPC Ltd versus CIT 229 ITR 383 on the issue of admission of the additional ground and on the merits has relied upon the decision of Hon‟ble Andhra Pradesh High Court in case of CIT versus My home power Ltd 365 ITR 82 wherein it has been held that profit arising on sale of such certificate is capital in nature. He therefore submitted that additional ground may be admitted and adjudicated accordingly. 15. The Ld. departmental representative vehemently objected to the application of admission of the additional ground stating that the claim has never been raised b…

Commissioner of Income Tax-III vs. M/S Subhash Kabini Power Corporation Limited

ITA/169/2015HC Karnataka29 Mar 2016

Bench: B.V.NAGARATHNA,JAYANT PATEL

Section 260Section 263Section 80I

…- 1 - IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 29TH DAY OF MARCH, 2016 PRESENT THE HON'BLE MR. JUSTICE JAYANT PATEL AND THE HON’BLE MRS. JUSTICE B.V.NAGARATHNA I.T.A. NO.169/2015 BETWEEN: COMMISSIONER OF INCOME TAX-III, REVENUE BUILDINGS, QUEENS ROAD, BANGALORE – 560 001. ... APPELLANT (BY SRI: K.V. ARAVIND, SENIOR STANDING COUNSEL) AND: M/S. SUBHASH KABINI POWER CORPORATION LIMITED, 8/2, ULSOOR ROAD, BANGALORE – 560 042. PAN: AACCS0881J. ... RESPONDENT (BY SRI: R.V. EASWAR, SENIOR ADVOCATE FOR SMT. CHYTHANYA K.K.,…

ACIT 8(3) (OSD), Mumbai vs. Dodson Lindblom Hydro Power P. Lt, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 5932/MUM/2010[2007-08]Status: DisposedITAT Mumbai13 Jan 2016AY 2007-08

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

For Appellant: Shri Farrokh IraniFor Respondent: Shri B.S. Bist, DR
Section 80I

…80IA(4) of the Act. The contents of para 1.5 of the CIT (A)‟s order are relevant in this regard. On these facts, both the parties brought our attention to the judgment of the Hon‟ble High Court of Andhra Pradesh in the case of CIT vs. My Home Power Ltd [2014] 365 ITR 82 (AP) and mentioned that the income derived from the sale of carbon credits is considered as a „capital receipt‟ and not „business receipt‟ and the same is not liable for tax under the Act. To that extent, 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…