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TMI Blog2016 (2) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010-11. 2. The appeal of the assessee in ITA No.747/Mds/2014 is barred by limitation of four days. The assessee filed a petition explaining the reason for delay in filing of appeal that the original appeal papers forwarded to the counsel through the messenger, who fell ill and thus could not file the appeal within the time and there is a short delay of four days in filing of the appeal. Therefore the delay is not deliberate or wanton and prays for condonation of delay. We have perused the reasons and are satisfied that there is a reasonable cause for the delay in filing of the appeal. In the interest of justice, we condone the delay in filing of the appeal and admitted for disposal. 3. The first common issue in the appeals of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee by the co-ordinate Bench of this Tribunal in ITA No.651 & 652/Mds/2013 dated 31.07.2014 following the decision of Hon'ble Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd.(supra) observing as under:- " 5. Heard both sides. On going through the orders of lower authorities and the decision of the Hon'ble Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd.(supra), we find that the issue in these two appeals is squarely covered by the above decision. The Revenue could not point out any contrary decision to the above cited decision. The Hon'ble Andhra Pradesh High Court in the case of My Home Power Ltd. (supra) while deciding the issue in favour of the assessee held as under:- "This appeal is sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lysis 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 received and hence as correctly held by the Tribunal it is capital receipt and it cannot be business receipt or income. In the circumstances, we do not find any element of law in this appeal." 6. Respectfully following the said decision, we hold that amount received on sale of carbon credit is capital in nature and therefore we reverse the orders of Commissioner of Income Tax (Appeals) and the Assessing Officer on this issue." 9. Respectfully following the above decision of the coordinate Bench of this Tribunal cited above and the judgement of Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-s. (1) of s. 80-IA, it is clear that it provides that where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-s. (4) i.e. referred to as the eligible business, there shall, in accordance with and subject to the provisions of the section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to 100 per cent of the profits and gains derived from such business for ten consecutive assessment years. Deduction is given to eligible business and the same is defined in sub-so (4). Sub-s.(2) provides option to the assessee to choose 10 consecutive assessment years out of 15 years. Option has to be exercised. If i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osses of earlier years which were already set off against the income of the assessee. Looking forward to a period of ten years from the initial assessment is contemplated. It does not allow the Revenue to look backward and find out if there is any loss of earlier years and bring forward notionally even though the same were set off against other income of the assessee and the set off against the current income of the eligible business. Once the set off is taken place in earlier year against the other income of the assessee, the Revenue cannot rework the set off amount and bring it notionally. Fiction created in sub-s. (5) does not contemplates to bring set off amount notionally. Fiction is created only for the limited purpose and the same ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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