2016 (9) TMI 152

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....ndent : Suyash Agarwal ORDER 1. Sri Ashish Agrawal, learned counsel 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 question of law is already covered by some judgments and, therefore, only legal aspect....

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....nt of Carbon Credit Rs. 2,77,08,800/- as it can be safely concluded by following the decision of ITAT Cochin Bench in order dated 07.03.2014 passed in ITA No. 4 (Coch.) of 2013 that the earning of Carbon Credit is primarily linked with the very activity of generation of electricity and it cannot be separated from the same under any circumstances and the income on sale of Carbon Credit would form p....

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....mission and we are unable to accept the same, as the learned Tribunal has factually found that "carbon credit is not an offshoot of business but an offshoot 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 credi....