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2015 (12) TMI 1026 - AT - Income TaxTaxation of Employees Stock Option Plan under fringe benefit tax - Held that:- When the CBDT clarified that with a view to bring stock options within the purview of fringe benefit tax, Finance Act, 2007 has inserted a new clause (d) in sub-section (1) of sec. 115WB of the Act, this Tribunal is of the considered opinion that the Employees Stock Option Plan cannot be brought under any other sub clauses before introduction of clause(d) to sec. 115WB(1) by Finance Act, 2007. Therefore, this Tribunal is of the considered opinion that in case the Employees Stock Option was allotted or transferred on or after 1.4.2007, the same is liable for fringe benefit tax. From the material available on record, it is not clear the date on which the Employees Stock Option was allotted or transferred. There is no reference about the date of such allotment in the assessment order also. The CIT(A), without referring to the date of the actual allotment, has proceeded on the footing that sec.115WB(1)(d) is applicable in respect of Employees Stock Option allotted or transferred on or after 1.4.2007. Therefore, this Tribunal is of the considered opinion that the date of actual allotment or transfer of Employees Stock Option is crucial for determination of the issue arises for consideration. In the absence of any material, this Tribunal is of the considered opinion that the actual date of allotment or transfer needs to be verified by the Assessing Officer. Accordingly, the orders of the lower authorities are set aside and the entire issue raised by the assessee is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the issue afresh and bring on record the date of actual allotment or transfer of Employees Stock Option and thereafter decide the issue as indicated above by this Tribunal. - Decided in favour of assessee for statistical purposes.
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