No revision u/s 263 on account of income received from Fly Ash and Cenosphere

NTPC Vidyut Vyapar Nigam Ltd. Vs PCIT (ITAT Delhi)

Conclusion: While granting relief to NTPC, the proceeding under Section 263 could not be initiated on account of income received from the fly ash and cenosphere  as in view of the notification of the Government the fly ash fund transferred to NTPC Ltd.

Held: PCIT initiated proceedings u/s 263 and considered the assessment order passed u/s 143(3) and held that the same was erroneous so far as it was prejud

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