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2022 (3) TMI 570

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....ahajan ORDER Head Sri Ashish Bansal, learned counsel for the petitioner and Sri Gaurav Mahajan, learned Senior Standing Counsel for the Income Tax Department. This petition has been filed praying, inter alia, for the following reliefs: "(i) issue writ, order or direction in the nature of certiorari so as to quash the notice dated 30.3.2021 (Annexure-VIII) issued under Section 148 by the resp....

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.... regular assessment under Section 143(3) of the Act, a notice under Section 142(1) of the Act dated 4.4.2018 was issued by the Assessing Authority to the petitioner. In paragraph 11 of the notice, the petitioner was specifically required to submit reply giving details of income claimed to be exempted and expenditure corresponding to such incomes. The petitioner submitted a reply dated 26.11.2018, ....

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....that the assessee company is engaged in generation of power through its Co-Generation Unit. On the sale of excess carbon credits the income was received, it is capital receipt and it cannot be business receipt or income. It is pertinent to submit that the jurisdictional Lucknow Bench of the ITAT in its order dated 9.2.2016 in the case of ACIT Vs. L.H. Sugar Factory Ltd held that the income from....

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....018 under Section 143(3) of the Act for the assessment year 2016-2017. In paragraph 10 of the assessment order, the assessing authority specifically mentioned that after examination of facts/details, the total income of the assessee is computed. Apart from that, the Division Bench of this Court in the case of Principal Commissioner of Income Tax Vs. L.H.Sugar Factory (P) Ltd. (2017) 392 ITR 568 (....