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Case Law Details

Case Name : DCIT Vs Hindustan Clean Energy Ltd. (ITAT Delhi)
Related Assessment Year : 2021-22
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DCIT Vs Hindustan Clean Energy Ltd. (ITAT Delhi)

Project Terminated, Shares Worth Zero – ITAT Allows ₹68 Cr Capital Loss & Strikes Down 68 Addition

A 90MW hydropower project was allotted by the Himachal Pradesh Govt. to HPPPL in 2009, which paid ₹18 Cr upfront fees. A project company MHEPCL was formed, shares were moved within group companies, &  eventually Hindustan Clean Energy Ltd. (Assessee) acquired the shares in 2018 at cost. In 2021, Assessee sold 49% equity + 100% CCPS to an outsider (Devarsi Constructions Pvt. Ltd.) for ₹100 total,

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CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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