TMI Blog2015 (8) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer on this issue. See CIT Vs. My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT ] - Decided in favour of assessee. - ITA No. 651/Mds/2013, 652/Mds/2013 - - - Dated:- 31-7-2014 - SHRI A.MOHAN ALANKAMONY AND SHRI CHALLA NAGENDRA PRASAD, JJ. For the Appellant : Mr. N.Vijay Kumar, C.A. For the Respondent : Mrs. Jayanthi Krishna, CIT Mr. C.V.Pavana Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue in appeals is squarely covered in favour of the assessee by the decision of Hon ble Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd.(365 ITR 82). Counsel for the assessee referring to the said judgement submits that the Hon ble Court while affirming the order of the Tribunal held that income received on sale of excess carbon credits is capital receipt and it cannot be busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 2, 2012 (My Home Power Ltd. v. Deputy err [2013] 21 ITR (Trib) 186 (Hyd)), on the following substantial questions of law: 1. Whether in the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal is correct in holding that the sale of carbon credits is to be considered as capital receipt and not liable for tax under any head of income under Income-tax Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 . We agree with this factual analysis as the assessee is carrying on the business of power generation. The carbon credit is not even directly linked with power generation. On the sale of excess carbon credits the income was rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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