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TMI Blog2022 (7) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... al receipt and could not be business receipt or income nor it is directly linked with the business of the assessee nor any asset is generated in the course of business but it is generated due to environmental concern. So the addition by the AO from the sale of Carbon Credit and confirmed by the ld. CIT(A) is not sustainable, hence, ordered to be deleted. X X X X Extracts X X X X X X X X Extracts X X X X ..... in the ratio of their turnover to the total turnover and thus reduced deduction u/s 80IA by equivalent amount. 12.1 During the course of appellate proceedings, assessee relied upon decision of CIT(A) - 6, Kolkata, who allowed relief to the assessee on this issue in AY 2012-13, vide order dated 26/10/2016. The assessee has also relied upon decision of Ld. Predecessor dated 26/12/2017, wherein following the decision of CIT(A) Kolkata, he directed to delete identical addition. The assessee also argued that this issue is covered in their favour by Hon'ble ITAT decision in the case of assessee for AY 200910 and 2010-11. 12.1. I have considered the facts of the case, and submissions of the assessee. My Ld predecessor by order dated 26/10/2016 in the case of the assessee for AY 2012-13, observed as under: "This issue also came up in the appellant's case in the immediately preceding year i.e. AY 2009-10. While deciding the appeal no.269/CIT(A)-VI/Cir-5/11-12 for that year, my Ld. Predecessor has upheld the allocation made by the Assessing Officer in respect of the director's remuneration and auditors remuneration. However, so far as the legal and professional expenses and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office or head office, which may have to be allocated to different units in absence of any details to the contrary; I feel the allocation of expenses in the ratio of turnover is a reasonable basis. Since the assessee has not given me details of the turnover and conveyance expenses and how the same has been allocated between various units, f am inclined to uphold the decision of the Assessing Officer in the allocating further expenses of Rs.59,27,000/- in the hands of the assessee for the year. 12.3 Consequently, I also upheld decision of the Assessing Officer in reducing deduction u/s.80IA of the Act by an amount of Rs. 5927000/- for the year. This ground of appeal is therefore, decided against the assessee." 7. Assessee relied upon the decision of CIT (A)-6, Kolkata (AY 2012-13) and ITAT's decision in the case of assessee itself for AY 2009-10 and 2010-11. Wherein it was held that Director's remuneration and Auditor's remuneration should be allocated proportionately as calculated by AO and Legal & Professional Expenses and Travelling Expenses are found to be acceptable as done by assessee. 8. We have considered the order of AO, order of Ld. CIT (A) and submissions of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailing market price." Thus, the income by way of transfer of carbon credit has been given a special treatment as chargeable to tax @ 10% and not as part of the normal business income of the assessee. The said amendment is prospective in nature and therefore, cannot be applied to the assessment years under consideration. 12. The ld. AR for the assessee brought to the notice of the Bench that the identical issue has already been decided by the Co-ordinate Bench of Tribunal in favour of assessee in case cited as DCIT Vs. M/s Dawarkesh Sugar Industry Ltd. in ITA No. 312/Mum/2019 for A.Y. 2014-15 by following the decisions rendered by the Hon'ble Andhra Pradesh High Court in the case of My Home Powers Ltd. (2014) 365 ITR 082 (AP). 13. We have perused the order passed by the Co-ordinate Bench of Tribunal in case of M/s Dawarkesh Sugar Industry Ltd. (supra), wherein identical issue has been decided in favour of the assessee by returning following findings. "7. Considered the submissions of the learned Counsel for both the parties and perused the material on record. While going through the judicial pronouncements relied upon by the learned Counsel for the assessee, we find that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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