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2015 (5) TMI 518 - HC - Income TaxImposition of fringe benefit tax - Tata Brand equity contribution - Tribunal deleted tax imposed - Held that:- Budget Speech of the Minister of Finance while presenting the Budget for the year 2005-2006, the explanatory notes and the circulars have been rightly understood by the Tribunal to mean that the basis of tax is the benefits or perquisites which emanate out of an employer-employee relationship. That is a prerequisite and for levy of fringe benefit tax. The Tribunal, in paragraph 8 and 9 has concluded that in the present facts and circumstances, no such case as would enable charging fringe tax emerges. The subscription amount has been paid as per the contractual agreement between the assessee and M/s. Tata Sons Limited. The invoices raised by M/s. Tata Sons Limited are for the services provided and there is no employer employee relationship between the parties. We do not find that such a conclusion is perverse. Mr. Andhyarujina is, therefore, right in relying on the materials which have been handed in to us and which find place equally in the Tribunal's order. Those have been referred to and in the relevant factual backdrop so also on perusal of the agreement in its entirety, that the Tribunal concluded that there is no merit in the Revenue's appeal. - Decided in favour of assessee.
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