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TMI Blog2016 (9) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Appeal No. 194 of 2016 - - - Dated:- 1-8-2016 - Hon'ble Sudhir Agarwal And Hon'ble Kaushal Jayendra Thaker, JJ. For the Appellant : Ashok Kumar, Ashish Agrawal For the Respondent : 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l finally at this stage on the following substantial question of law: Whether under the facts and circumstances of the case, the ITAT was justified in deleting the addition made by Assessing Officer on account of Carbon Credit ₹ 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken an otherwise view which has been confirmed by Andhra Pradesh High Court in Commissioner of Income Tax Vs. My Home Power Ltd., (2014) 365 ITR 82, and Court has said as under: 3. We have considered the aforesaid submission 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 con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Power Ltd. (supra) and Cochin Bench Tribunal's judgment in Apollo Tyres Ltd. (supra) and thereafter following Andhra Pradesh High Court's judgment, has held that Carbon Credit is capital in nature. 8. Learned counsel for appellant could not show that judgment of Andhra Pradesh High Court was taken in appeal. Even otherwise, nothing substantial has been argued on behalf of appellant so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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