Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Home Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles News Highlights
Extracts
Home List
← Previous Next →

Pr. Commissioner of Income Tax, Bareilly Versus M/s L.H. Sugar Factory Pvt. Ltd.

2016 (9) TMI 152 - ALLAHABAD HIGH COURT

Carbon credit receipt - nature of receipt - revenue or capital - Held that:- "Carbon Credit" is capital in nature. See The Commissioner of Income Tax – IV, Hyderabad Versus M/s. My Home Power Ltd [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT ] - Incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for appellant and Sri R.R. Agrawal, learned Senior Advocate assisted by Sri Suyash Agrawal, Advocate for respondent. 2. We are not giving details of factual aspects of matter since question sought to be raised before this Court as substantial questi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow. 4. Though appellant has framed four substantial questions of law but learned counsel for appellant could not dispute that except Question no. (A), rest are not substantial question .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r under the facts and circumstances of the case, the ITAT was justified in deleting the addition made by Assessing Officer on account of Carbon Credit ₹ 2,77,08,800/- as it can be safely concluded by following the decision of ITAT Cochin Bench .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sale of Carbon Credit would form part of chargeable income under Income Tax Act, 1961. 5. Learned counsel for the appellant submitted that aforesaid question has been answered by Cochin Bench of Income Tax Appellate Tribunal in Apollo Tyres Ltd. Vs. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that Hyderabad Bench of Income Tax Appellate Tribunal in My Home Power Ltd. Vs. Deputy CIT, (2013) 21 ITR (Trib) 186 has taken an otherwise view which has been confirmed by Andhra Pradesh High Court in Commissioner of Income Tax Vs. My Home Power Ltd .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ffshoot of environmental concerns. No asset is generated in the course of business but it is generated due to environmental concerns". We agree with the factual analysis as the assessee is carrying on the business of power generation. The carbon .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s, we do not find any element of law in this appeal." 7. He also submitted that Chennai Bench of Income Tax Appellate Tribunal in India Dyeing Mills (P.) Ltd. Vs. Assistant Commissioner of Income Tax, (2014) 36 ITR (Trib) 55 has considered judgm .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Forum
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version