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2014 (8) TMI 640 - HC - Income TaxOrder u/s 263 Calculation of FBT u/s 115WB(1)(c) Contribution made to superannuation fund Held that:- Out of the total amount of ₹ 9,13,67,379, which includes the list of 29 employees where the contribution in the superannuation fund was more than ₹ 1 lakh and their aggregate amount was ₹ 51,36,132 and from the amount, the assessee had reduced ₹ 29 lakhs being the exemption limit in respect of the 29 employees (the contribution was in excess of ₹ 1 lakh each) and the balance of ₹ 22,36,132 was considered as taxable fringe benefit tax - As per section 115WC for the purpose of the Chapter, the value of the fringe benefits shall be the aggregate of amount of contribution referred to in clause (c) of section 115WB which exceeds ₹ 1 lakh in respect of each employee - ₹ 22,36,132 was considered as taxable (the contribution with respect to 29 employees to the extent in excess of ₹ 1 lakh each), the Tribunal has rightly held that there was no calculation mistake in the calculation of the fringe benefit tax the Tribunal has rightly held that the Commissioner was not justified in exercising the powers u/s 263 of the Act Decided against Revenue.
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