Addition on account of sale of fly ash not sustained as entire sale proceeds deposited in fly ash utilization fund

PCIT Vs NTPC Vidyut Vyapar Nigam Ltd. (Delhi High Court) Delhi High Court held that no addition on account of sale of fly ash since the entire sale proceeds of fly ash were deposited in a fly ash utilization fund and the said funds were to be spent only in accordance with directions issued by Government. Facts- The respondent [Assessee] is a public sector company and a wholly owned subsidiary of National Thermal Power Corporation Limited [NTPC]. The Assessee is, inter alia, engaged in the business of trading energy. During the relevant year, it was also engaged in trading fly ash and related ...