TMI Blog2014 (8) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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. - - - - - Dated:- 23-6-2014 - SHAH M. R. AND THAKER K. J., JJ. JUDGEMENT M. R. Shah J.- Feeling aggrieved and dissatisfied with the impugned judgment and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only ₹ 22,36,132 as contribution towards approved superannuation fund for the employees and, therefore, the Commissioner was of the view that under section 115W(1)(c) of the Act, any contribution by the employer to any superannuation fund for the employees attract the levy of fringe benefit tax on 100 per cent. of such contribution. He was thus of the view that the Assessing Officer had not made any addition to fringe benefit tax and, therefore, ₹ 8,91,31,247 has escaped assessment resulting into short levy of fringe benefit tax along with interest to the tune of ₹ 3,99,01,995 and, therefore, the Commissioner was of the view that the order passed by the Assessing Officer was erroneous and prejudicial to the interests of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the total contribution in the superannuation fund to be ₹ 9,13,67,379 which includes list of 29 employees where the contribution in the superannuation fund was more than ₹ 1 lakh and their aggregate amount was ₹ 51,36,132. From the aforesaid amount, the assessee had reduced ₹ 29 lakhs, being the exemption limit in respect of 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. Before us, the Revenue could not controvert the submissions made by the learned authorised representative. Nor could point out any mistake in the calculation of the fringe benefit tax. 56. In the case of Malabar Industries Co. v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 aforesaid 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 said 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. Considering the ab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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