TaxTMI 
TaxTMI 
TaxTMI 
2023 (11) TMI 1384
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....Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Act is bad, both in the eye of law and on facts. 2. On the facts and circumstances of the case, the order passed by the learned Pr. CIT cancelling the assessment order passed by the AO is untenable in the absence of order of the AO being erroneous as well as prejudicial to the interest of the Revenue. 3. On the facts and circumstances of the case, the learned Pr. CIT has erred both on facts and in law in ignoring the fact that all the issues raised by him in notice under Section 263 were before the A.O. and as such the jurisdiction on this issue under Section 263 cannot be assumed. 4. On the facts and circumstances of the case, the learned Pr. CIT has erred both o....
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....sment in the case of assessee for AY 2013-14 was completed on 26/12/2016 u/s 143(3) of the Act. The Ld. PCIT initiated proceedings u/s 263 of the Act and considered the assessment order passed u/s 143(3) of the Act dated 26/12/2016 and held that the same is erroneous so far as it is prejudicial to the interest of the Revenue owing to the failure of the Assessing Officer to at Rs. 88,26,37,126/- on account of the income from sale of fly ash and cenosphere. 3. Aggrieved by the order of the Ld. PCIT, dated 27/03/2019, the assessee preferred the present appeal on the ground mentioned above. 4. During the hearing, the Ld. AR submitted that the similar order u/s 263 of the Act has been passed by the Ld. PCIT for the AY 2015-16 and the Co-ordina....
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....nt tool for utilizing the short/ medium term surpluses of the existing capacity more efficiently and became an independent activity in the power sector. Since there is progressive strengthening of the regional and inter- regional transmission grids, it further made the trading of power as an important activity. The Electricity Act, 2003 also recognized trading in power as a distinct business activity. Under this scenario NTPC Limited (A Government of India Enterprise), to reap the benefits of the vast potential of power. trading in the country, formed NTPC Vidyut Vyapar Nigam Limited (NVVN), as wholly owned subsidiary, NVVN is the only Government Company in the business of power trading in the country today NTPC, with stations spread acro....
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.... paper book depicting the details of fly ash utilization fund which is as under: NTPC VIDYUT VYAPAR NIGAM LTD. 4. Fly Ash Utilization Fund (Amount in Rs. ) As at 31,03,2015 31.03.2014 Ay per last financial statements 3,26,23,01,631 2,34,93,34,677 Add: Transfer from sales (Note 18) 87,42,34,784 1,22,55,13,224 Add: Transfer from other Income (Note 19) (Net of tax) 20,77,17,705 Transfer from reserve and surplus (Note 3)(Net of tax) - 17,01,18,785 Less: Utilized during the year Capital expenditure (Note 10) - 49,15,087 Cost of fly ash/ash products (Note 21) 2,23,11,593 2,89,05,770 Employee benefits expense (Note 22) 4,02,19,471 5, 73,2 7,339 Administration & other expenses (Note 24) ....
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....ted from sale of fly ash/ fly ash products, in reference to the above notification dated 03.11.2009, including employee cost and other administrative expenditure incurred at its various coal based generating stations/ offices. These expenses mainly pertain to the development of infrastructure or facilities, promotion and facilitation activities so as to increase the utilization of fly ash. Therefore, during the current year company has charged an amount of Rs. 45,26,29,998/-(previous year Rs. 48,26,65,056/-) to the fund as fly ash utilization expenses, which includes Rs. 34,72,07,619/- (previous year Rs. 34,02,03,007/-) incurred and certified by holding company. d) The Indirect expenses incurred by the company amounting to Rs. 4,27,52,797....
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....ugh the entire facts, we find that the amount collected from sale of fly ash and fly ash based products by coal and/or lignite based thermal power stations or their subsidiary or sister concern units, as applicable should be kept in a separate account head and shall be utilized only for development of infrastructure or facilities, promotion and facilitation activities for use of fly ash until 100 percent fly ash utilization level is achieved; thereafter as long as 100% fly ash utilization levels are maintained, the thermal power station would be free to utilize the amount collected for other development programmes also and in case, there is a reduction in the fly ash utilization levels in the subsequent year(s), the use of financial return ....