https://www.taxtmi.com/caselaws?id=462801 The ITAT Delhi set aside a revision order u/s 263 passed by the PCIT regarding taxability of income from sale of fly ash and cenosphere. The CIT(A) had held that the assessment order u/s 143(3) was erroneous and prejudicial to revenue due to AO's failure to tax income from fly ash sales. Following its coordinate bench decision in assessee's own case for AY 2015-16, the ITAT held that no addition was warranted as amounts collected from fly ash sales by thermal power stations must be maintained in separate accounts and utilized only for infrastructure development, promotion and facilitation activities for fly ash utilization until 100% utilization is achieved. The ITAT noted that per government notification, fly ash funds were transferred to NTPC Ltd. The assessee's appeal was allowed and the PCIT's order was set aside. en-us Fri, 03 Nov 2023 00:00:00 +0530 Wed, 16 Jul 2025 23:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462801 The ITAT Delhi set aside a revision order u/s 263 passed by the PCIT regarding taxability of income from sale of fly ash and cenosphere. The CIT(A) had held that the assessment order u/s 143(3) was erroneous and prejudicial to revenue due to AO's failure to tax income from fly ash sales. Following its coordinate bench decision in assessee's own case for AY 2015-16, the ITAT held that no addition was warranted as amounts collected from fly ash sales by thermal power stations must be maintained in separate accounts and utilized only for infrastructure development, promotion and facilitation activities for fly ash utilization until 100% utilization is achieved. The ITAT noted that per government notification, fly ash funds were transferred to NTPC Ltd. The assessee's appeal was allowed and the PCIT's order was set aside. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462801