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2015 (8) TMI 600 - ITAT CHENNAIEntitlement to claim deduction under Section 80-IA - Held that:- The business undertaking of the assessee is wind mill power generation/hosiery goods, etc., and it has claimed the benefit of deduction under Section 80IA of the Income Tax Act for the assessment year in question and for the subsequent years as well. Having exercised its option and its losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parameters of Section 80IA of the Income Tax Act. There appears to be no distinction on facts in relation to the decision reported in Velayudhaswamy Spinning Mills case (2010 (3) TMI 860 - Madras High Court). - Decided in favour of the assessee Sale of carbon credit - CIT(A) treated it as capital in nature - Held that:- This issue has been decided in favour of the assessee by the co-ordinate Bench of this Tribunal in Prabhu Spinning Mills (P) Ltd. and Sivaraj Spinning Mills (P) Ltd. case [2015 (8) TMI 110 - ITAT CHENNAI] following the decision of CIT v. My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT] wherein held “Carbon Credit is not an offshoot of business but an offshoot of environmental concerns - No asset is generated in the course of business but it is generated due to environmental concerns -” Carbon Credit is not even directly linked with power generation - on the sale of excess Carbon Credits the income was received it is capital receipt and it cannot be business receipt or income – Decided against Revenue.
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