TMI Blog2016 (4) TMI 1156X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax (Appeals)-3, Coimbatore, dated 29.5.2015 for the assessment year 2009-10. 2. The only issue involved in this appeal is whether the income received from sale of carbon credit is revenue or capital in nature. 3. The ld. Counsel for the assessee submits that the issue has been decided in the assessee s own case for the assessment year 2010-11 by the Co-ordinate Bench of this Tribunal in I.T.A.No.2091/Mds/2013 dated 17.7.2014. A copy of the order is placed on record. 4. The ld. DR strongly placed reliance on the orders of the lower authorities. 5. We have perused the order of the Co-ordinate Bench in assessee s own case for assessment year 2010-11. We find that the issue has been decided in favour of the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed that these are capital receipts as per the order of the ITAT C Bench Chennai in the case of M/s. Ambilka Cotton Mills Limited. 7.1 In view of the fact that the assessee has already admitted these amounts as revenue receipts, the assessee cannot challenge the same in appeal to treat the same as capital receipts. 7.2 The assessee has admitted receipts from trading of carbon credit as revenue in nature and included them for computation under section 80IA. It is clearly spelt out in the section 80lA that profits and gains derived by undertaking or enterprise from any business referred to in sub section (4) is eligible for quantifying the deduction. 7.3 The qualifying word used is derived, and receipts from trading of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 2009-10 is to be taken in the relevant year and not in assessment year 2010-11. 8.0 In the result the appeal is partly allowed. Therefore, the assessee is in appeal. 6. We have heard both parties and gone through the case file. There is no dispute about the nature of receipts arising from sale of carbon credits as the decision of the Hyderabad bench of the 'tribunal' in My Home Power Ltd vs DCIT (supra) has been upheld by the hon'ble Andhra Pradesh high court vide order dated 19.2.2014 holding therein that the same are not an offshoot of business but arise from environmental concerns. Their lordships have also observed that these carbon credits are not directly linked with power generation. In other words, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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