Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 642 - AT - Income TaxIncome generated in sale of Carbon Credits - whether treated as a capital receipt and not taxable as held by CIT(A) - Held that:- The issue in dispute is squarely covered by the decision of the ITAT, Hyderabad Bench in case of M/s My Home Power Ltd. Vs DCIT (2012 (11) TMI 288 - ITAT HYDERABAD), which has been confirmed by the Hon’ble Jurisdictional High Court in case of same assessee while dismissing department’s appeal as reported in [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT ] holding that the amount on sale of carbon credits is in the nature of capital receipt, hence, is not taxable. - Decided in favour of assessee. Disallowance of deduction u/s 80IA - CIT(A) deleted the disallowance admitting additional evidence - Held that:- As can be seen from the assessment order, while computing assessee’s claim of deduction u/s 80IA, AO has excluded the amount of ₹ 7,79,389 by treating it as interest income without ascribing any reasons. However, the learned CIT(A), as it appears, after examining details with regard to the component of ₹ 7,79,389, which includes ₹ 7,14,138 towards scrap sales and ₹ 65,251 as interest on FDRs. has allowed assessee’s claim of deduction u/s 80IA. On perusal of letter dated 01/12/2010 along with accompanying documents submitted before Assessing Officer, copies of which were also placed on record, it appears assessee has furnished the details of other income amounting to ₹ 7,79,389. Hence, department’s claim that Ld. CIT(A) has considered additional evidence in violation of Rule 46A is devoid of merit. As the department has challenged the decision of Ld. CIT(A) on this issue only on violation of Rule 46A, without going into merits of assessee’s claim of deduction, we uphold the order of ld. CIT(A). - Decided in favour of assessee. Employees compensation expenses (ESOPs) disallowed - CIT(A) allowed claim - Held that:- Order of CIT(A) that after verifying details CIT(A) has allowed the expenditure claim by assessee. Undisputedly, expenditure incurred towards ESOPs is an allowable expenditure. Therefore, the only thing which needed verification is whether assessee has actually incurred the expenditure. When the learned CIT(A) by verifying the material on record has found that assessee has actually incurred the expenditure, then, no useful purpose would have been served in getting it verified again through AO. In the aforesaid view of the matter, we do not find any infirmity in the order of the CIT(A) in deleting the addition made by AO and accordingly we uphold the same - Decided in favour of assessee.
|