DCIT Central Circle-31, New Delhi V. Malana Power Company Ltd., New Delhi

ITA 5055/DEL/2019

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 3144 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-05-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2013-2014
• Appeal Filed On: 30-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Capital receipt

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Anubhav Sharma, Judicial Member ITA No. 5055/Del/2019 : Asstt. Year : 2013-14 DCIT, Central Circle-31, New Delhi Vs Malana Power Company Ltd., Bhiwara Bhawan, 40-41, Community Center, New Friends Colony, New Delhi-110065 (APPELLANT) (RESPONDENT) PAN No. AABCM1108R Assessee by : Sh. P. K. Jain, CA Revenue by : Ms. Rinku Singh, Sr. DR Date of Hearing: 04.05.2022 Date of Pronouncement: 04.05.2022 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the Revenue against the order of ld. CIT(A)-37, New Delhi dated 28.02.2019. Disallowance u/s 14A: 2. During the year, the assessee has not earned any exempt income, hence we hold that no disallowance is called for. Carbon Credits: 3. The issue of treatment of the Carbon Credits as revenue receipt of capital receipt stands adjudicated by the order of the Co-ordinate bench of the Tribunal in assessee’s own case in ITA No. 2281/Del/2013 vide order dated 27.04.2018 wherein it was held that the Carbon Credits are to be considered as capital receipts. Vide the amendment brought with effect from ITA No.5055/Del/2019 Malana Power Company Ltd. 2 01.04.2018, the Government of India has allowed a concessionary tax rate of ten per cent for taxpayers who are earning an income by transfer of carbon credits is not applicable to the assessment year before us. 4. In the result, the appeal of the Revenue is dismissed. Order Pronounced in the Open Court on 04/05/2022. Sd/- Sd/- (Anubhav Sharma) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 04/05/2022 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR