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TMI Blog2015 (12) TMI 1877X X X X Extracts X X X X X X X X Extracts X X X X ..... NI, JM This appeal by revenue is directed against the order of ld. CIT(Appeals)-II Ludhiana dated 29.10.2014 for assessment year 2010-11 on the following grounds : "1. Whether on the facts and in the circumstances of case the Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,21,16,909/-- accrued on account of carbon credits entitlement ignoring that such profits are in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te order in which the assessee explained that the said claim was made on the basis that CER undoubtedly known as Carbon Credit Commodity and are quoted in stock exchange like MCX and NCDE. The gain from the carbon credits represents the receipt to compensate the unforeseenable loss. The view of the assessee was also fully subscribed by ITAT Hyderabad Bench in the case of My Home Power Ltd. reporte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2015 in ITA No. 389/CHD/2013 for assessment year 2009-10 in the case of DCIT Vs Kotla Hydro Power Pvt. Ltd., copy of the same is placed on record in which in para 7 to 9, the Tribunal held as under : "7. We have considered the rival submissions carefully. The facts of the case are identical to the facts of the case decided by Hyderabad Bench of the Tribunal in the case of My Home Power Ltd Vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of carbon credit was not taxable. " 8. This decision was confirmed by Hon'ble Andhra Pradesh High Court in the decision of CIT Vs. My Home Power Ltd Vs. DCIT 365 ITR 82(A.P.) and it was held as under:- "Held, dismissing the appeal, that the assessee was carrying on the business of power generation for the assessment year 2007-08. Carbon credit was not an offshoot of business of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Apollo Tyres Ltd v ACIT (supra). Since the decision of Hyderabad Tribunal Bench has already been confirmed by the Hon'ble Andhra Pradesh High Court and there is no contrary decision from any other High Court, in our opinion, we are bound to follow the decision of High Court. Therefore, following this decision we decide this issue against the Revenue." 4. Considering the above, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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