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2021 (10) TMI 416 - AT - Income TaxCharacterization of income - income on such sale of carbon credit - revenue or capital receipt - HELD THAT:- As decided in M/s. Dodson Lindblom Hydro Power Pvt. Ltd. [2019 (4) TMI 1034 - BOMBAY HIGH COURT] the said carbon credits is outside the scope of the chargeability of tax as the same constitutes “capital receipts". Additional depreciation u/s 32 - Addition of 50% of the claim of additional depreciation made by the assessee firm in respect of the plant and machinery acquired and installed by it after 30th September, 2012 - Department‟s view was that this additional depreciation could be claimed only in the year of purchase and the same was not available in the subsequent year - HELD THAT:- Hon‟ble Karnataka High Court in the case of Rittal India Pvt. Ltd. [2016 (1) TMI 81 - KARNATAKA HIGH COURT] had given the right to the assessee to claim the remaining unclaimed 50% depreciation in the subsequent assessment year and at that time the proviso to section 32 was also not there but right now with the insertion of such proviso, this right has been statutorily recognized. That as regards, whether such proviso would apply to past periods or not, the judgment of the Hon‟ble Madras High Court (supra.) which is still operational and it has been held that the said proviso was only clarificatory in nature and would thus apply to pending cases covering past periods also. Thus, Grounds raised in appeal by the assessee are allowed.
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