TMI Blog2020 (2) TMI 774X X X X Extracts X X X X X X X X Extracts X X X X ..... 12) TMI 1272 - ITAT CHENNAI] Consequently, the additional ground filed by the assessee stands allowed. Computation of deduction u/s.80IA - CIT(A) in confirming the method of computation of the eligible profits done by the Assessing Officer in respect of the steam generated and re-transmitted in respect of the production of the electricity through steam generators, for the purpose of computation of deduction u/s.80IA - HELD THAT:- The learned Authorized Representative though submitted a Chartered Engineer s certificate but was unable to substantiate the claim as made the said certificate. DR left the court room after the argument on the additional grounds and did not return. In reply, there was no answer from the learned CIT-DR As t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the Revenue. 3. The learned Authorized Representative drew our attention to the additional grounds filed by the assessee which is dated 20.12.2014 but filed on 22.12.2014. In the additional grounds, the assessee has raised the following ground: Additional Ground: An amount of ₹ 5,76,72,595/- realized to transfer of Carbon Credits CER (Certified Emission Reductions) was not a receipt in the nature of revenue, but only a capital receipt and therefore not liable to be included in the total income of the appellant for the assessment year, in conformity with the ratio of the decision of the Hon ble Income Tax Appellate Tribunal B Bench, Hyderabad in its order dated 02.11.2012 in I.T.A. No.1114/HYD/2009 , in the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s put up to the learned Departmental Representative. Shri. M. Srinivasa Rao, CIT-DR who argued the matter submitted that the issue as to whether the receipts from the sale of carbon credits can be treated as capital receipts or not should not be considered by the Tribunal nor should it be restored to the file of the Assessing Officer. It was a submission that the assessee has not produced any evidence to show as to why the said details were not placed before the Assessing Officer. It was a submission by the learned Departmental Representative that the assessee had in the computation of income filed by the assessee offered the same as business income and the assessee claimed relief u/s.80IA. 4. The learned Departmental Representative plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Vs. My Home Power Limited by the Tribunal has already been upheld by the Hon ble Andhra Pradesh High Court by dismissal of the appeal by the Revenue on the ground that there was no substantial question of law. It is also noticed that the decision of the Co-ordinate Cochin Bench of this Tribunal in the case of Apollo Trues Limited Vs. Assistant Commissioner of Income Tax has also been upheld by the Hon ble High Court of Kerala by dismissal of the appeal by the assessee , therein on the ground that there was no substantial question of law. It is also brought to our notice that the Hon ble Karnataka High Court and the Hon ble Gujarat High Court has decided this issue in favour of the assessee following the decision in the case of My ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of the steam generated and re-transmitted in respect of the production of the electricity through steam generators, for the purpose of computation of deduction u/s.80IA of the Income Tax Act, 1961. The learned Authorized Representative though submitted a Chartered Engineer s certificate but was unable to substantiate the claim as made the said certificate. The learned Departmental Representative left the court room after the argument on the additional grounds and did not return. In reply, there was no answer from the learned CIT-DR. 8. We have considered the submission and perused the materials available on record. 9. As the learned Authorized Representative has been unable to substantiate the Chartered Engineer s Certificate a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
