9911796707
TMI Blog2017 (3) TMI 1902X X X X Extracts X X X X X X X X Extracts X X X X ..... ions are made by the learned Tribunal with respect to whether the carbon receipts can be said to be capital receipts or not and also in confirming the additions made by the learned CIT(A) with respect to the disallowance of the administrative expenses under Section 14A of the Income Tax Act, 1961 (hereinafter referred to as "IT Act") read with Rule 8D of the Income Tax Rules, 1962 (hereinafter referred to as "Rules"), the assessee has preferred the present Tax Appeal with the following substantial questions of law. "(a) Whether in the facts and circumstances of the case, the Tribunal has erred in law and in facts treating the income from sale of Certified Emission Reductions (CERs) as revenue receipt excisable to taxation instead of treat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that once the learned Tribunal has held that taxing event had not taken place during the current year under consideration, the learned Tribunal ought not to have made any observation and/or procedure to examine the taxability in the future year when the same was not before the learned Tribunal. [3.0] It is vehemently submitted by Shri Soparkar, learned Counsel appearing on behalf of the appellant that as such the learned Tribunal has specifically observed that the learned Tribunal is deciding the issue to demonstrate their understanding on the issue and also the learned Tribunal briefly touched upon the said issue. It is vehemently submitted by Shri Soparkar, learned Counsel appearing on behalf of the appellant that as such once the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the facts and circumstances of the case more particularly when the learned Tribunal has specifically observed and held that the income from sale of CERs has not taken place in the years under consideration, the learned Tribunal was justified in thereafter proceeding further and to examine the taxability in a future year. Therefore, he has requested to pass appropriate order. [5.0] Having heard learned Counsel appearing on behalf of the respective parties and considering the impugned judgment and order passed by the learned Tribunal, we are of the opinion that as such the learned Tribunal has materially erred in proceeding further to examine the taxability of the income from sale of CERs in future year. It is not in dispute that so far ..... X X X X Extracts X X X X X X X X Extracts X X X X
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