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2016 (1) TMI 716 - AT - Income TaxTreatment of carbon credits as Revenue receipts and also not granting deduction u/s.80IA - Held that:- As decided in case of Arun Textiles Pvt. Ltd. v. DCIT [2015 (11) TMI 1055 - ITAT CHENNAI] the receipt from sale of carbon credits has to be considered as capital receipt and accordingly, it is not taxable. Thus, there is no question of considering the same for deduction u/s.80IA of the Act. - Decided in favour of assessee Non- consideration of insurance claim as not eligible for deduction u/s.80IA - Held that:- We find that the material brought on record does not show that the insurance claimed by the assessee has direct nexus with the business income of the assessee and the assessee was not able to show that the receipts received is in relation to current assets or in relation to trading assets of the assessee. Being so, placing reliance by the assessee’s counsel in the case of CIT vs. Meghalaya Steels Ltd. (2013 (7) TMI 175 - GAUHATI HIGH COURT) has no bearing as it is relating to receipt of interest subsidy and also the decision of the Tribunal, Hyderabad Bench in the case of M/s. Coromandel International Ltd. [2014 (12) TMI 220 - ITAT HYDERABAD ] is relating to granting of deduction u/s.80IB of the Act, in respect of excise duty refund. Accordingly, this ground of appeal by the assessee is dismissed. - Decided against assessee
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