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2022 (7) TMI 620 - AT - Income TaxDisallowance of Common Expenses against deduction claimed under section 80IA - As per assessee Director’s remuneration and Auditor’s remuneration should be allocated proportionately as calculated by AO and Legal & Professional Expenses and Travelling Expenses are found to be acceptable as done by assessee - HELD THAT:- We have considered the order of AO, order of CIT (A) and submissions of assessee. We found force in the contention of assessee that earlier precedents settled in assessee’s own case needs to be examined and followed. Hence, on this issue, we restore the matter back to the file of the AO and the ground of appeal is partly allowed. Taxability of Carbon Credit received by assessee - Revenue or capital receipt - HELD THAT:- Following the order passed in case of My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT] we are of the considered view that sale of Renewable Energy Certificate (Carbon Credit) of income received by the assessee is a capital receipt and could not be business receipt or income nor it is directly linked with the business of the assessee nor any asset is generated in the course of business but it is generated due to environmental concern. So the addition by the AO from the sale of Carbon Credit and confirmed by the ld. CIT(A) is not sustainable, hence, ordered to be deleted.
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