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TMI Blog2015 (8) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... rbon credit is capital in nature and therefore we reverse the orders of Commissioner of Income Tax (Appeals) and the Assessing Officer on this issue. See CIT Vs. My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT ] - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee submits that the issue in appeals is squarely covered in favour of the assessee by the decision of Hon'ble Andhra Pradesh High Court in the case of CIT Vs. My Home Power Ltd.(365 ITR 82). Counsel for the assessee referring to the said judgement submits that the Hon'ble Court while affirming the order of the Tribunal held that income received on sale of excess carbon credits is capital receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nbunal, dated November 2, 2012 (My Home Power Ltd. v. Deputy err [2013] 21 ITR (Trib) 186 (Hyd)), on the following substantial questions of law: 1. Whether in the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal is correct in holding that the sale of carbon credits is to be considered as capital receipt and not liable for tax under any head of income under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uot;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 this factual analysis as the assessee is carrying on the business of power generation. The carbon credit is not even directly linked with power generation. On the sale of excess carbon cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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