9911796707
TMI Blog2017 (11) TMI 1967X X X X Extracts X X X X X X X X Extracts X X X X ..... ided in favour of the assessee and against the department. - D.B. Income Tax Appeal No. 313/2017 - - - Dated:- 28-11-2017 - Hon'ble Mr. Justice K.S. Jhaveri And Hon'ble Mr. Justice Vijay Kumar Vyas For the Appellant(s) : Mr. Anuroop Singhi with Mr. N.S. Bhati. For the Respondent(s) : Mr. Sanjay Jhanwar with Ms. Archana. Judgment By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby the Tribunal has partly allowed the appeal of the department for statistical purposes. Counsel for the appellant has framed the following substantial questions of law:- (i) Whether the Tribunal was justified in reversing the order of Assessing Officer and by holding the income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (supra) where also it has been held that receipt on account of Carbon Credit is capital in nature neither chargeable to tax under the head Business Income nor liable to tax under the head Capital Gains. Our above view is also supported by the decision of Supreme Court in the case of Vodafone International Holdings Vs. UOI (supra) wherein Supreme Court has held that treatment of any particular item in different manner in the 1961 Act and DTC serves as an important guide in determining the taxability of said item. Since DTC by virtue of the deeming provisions specifically provides for taxability of carbon credit as business receipt and Income Tax Act does not do so, our view gets duly fortified by the principles stated in the above decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he previous year relevant to the assessment year 1955-56. The sales tax demand was raised pending the Income Tax assessment for that year. The ITO rejected the assessee's claim for a deduction of that amount on two grounds : firstly, that the assessee had contested the sales tax liability in appeals and, secondly, that it had made no provision in its books with regard to the payment of that amount. The appeals to higher authorities or courts taken by the assessee, contesting its liability to pay the sales tax, ultimately failed. On these facts, the view taken by the court was that the moment the dealer made either purchases or sales which were subject to sales tax, the obligation to pay the tax arose. Although that liability could not b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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