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2013 (11) TMI 272 - AT - Income TaxAssessee was liable to FBT - Assessing Officer has merely accepted the valuation of taxable fringe benefits as worked out by the assessee itself. Hence valuation of the fringe benefits at Rs. 1,34,91,288/- confirmed – Held that:- Assessee has considered the value of fringe benefit at Rs. Nil but however in the Tax Audit Report filed under Section 44AB the statutory auditors have quantified the value of fringe benefit and based on the aforesaid quantification, the Assessee has also deposited the FBT into Government Treasury and not in an Escrow account with the scheduled bank - Assessing Officer has considered the Assessee to be covered in the category 1 of the Assessees who were covered by the provisions of FBT - Learned A.R. could not controvert the findings of Assessing Officer and CIT(A) by bringing any contrary material on record – Decided against the Assessee.
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