TaxTMI 
TaxTMI 
2024 (9) TMI 1200
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....or the respondent who appears on caveat. 2. This Tax Appeal is filed under Section 260A of the Income Tax Act, 1961 (for short 'the Act') by the Revenue proposing the following substantial questions of law arising out of the Judgment and Order dated 11.10.2023 passed by the Income Tax Appellate Tribunal, Ahmedabad (for short 'the Tribunal') in ITA No. 279/Ahd/2020 for Assessment Year 2015-16 : "(i) Whether, on the facts and in the circumstances of the case and in law, the ITAT erred in confirming the order of Ld. CIT(A) in deleting the addition of Rs. 5,94,18,494/- on account of receipt of receipt of CER and treating the same as Capital Receipt instead of Revenue receipts ? (ii) Whether, on the facts and in the circumstances of the ca....
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....pertains to the treatment that the assessee's income from trading of carbon credits should be given. The Tribunal held that receipts should be in the nature of capital receipts and therefore, would not invite tax. This issue has been examined by two High Courts. The Karnataka High Court in case of CIT v. Subhash Kabini Power Corporation Ltd. reported in (2016) 385 ITR 592 (Karn) and Andhra Pradesh High Court in case of Commissioner of Incometax v. My Home Power Limited reported in (2014) 365 ITR 82 (AP) have held that receipts of carbon credit are in nature of revenue receipts. Following the decision of said two High Courts, this question is also not considered." 5. Having considered the question of law and in light of the decision o....
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.... order of the Ld. CIT(A) deleting the disallowance of expenses pertaining to foreign investment made by the assessee. The Id. CIT(A) had directed exclusion of foreign investment made for the purpose of computation of disallowance us. 14A as per Rule 8D of the Income Tax Rules 1962 holding that the dividend earned from the said foreign investment was not exempt from tax. 52.The ld. D.R. was unable to convert the above findings of the ld. CIT (A). 53. In view of the above, we see no reason to interfere in the order passed by the Ld. CIT(A) deleting the disallowance made us. 14A read with Rule 8D of the Rules with respect to foreign investment made by the assessee." 7. In case of Suzlon Energy Limited (Supra) while considering the simi....