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HomeDirect TaxFly Ash Sale Proceeds Taxable as Business Income, Not Liability Fund: ITAT

Fly Ash Sale Proceeds Taxable as Business Income, Not Liability Fund: ITAT

Direct Tax

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By Mariya Paliwala
ITAT

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The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that receipts generated from the sale of fly ash by a power generation company constitute taxable business income and cannot escape taxation merely because the amount was credited to a separate statutory fund.  The bench of Laliet Kumar (Judicial Member) & Shri. Krinwant…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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