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2016 (6) TMI 731 - AT - Income TaxValue of FBT u/s 115WB - Contributions to approved Pension Fund - liability to fringe benefit tax (FBT) - Held that:- As relying on Andhra Bank, Hyderabad Versus DCIT, Circle 1(1), Hyderabad [2014 (7) TMI 804 - ITAT HYDERABAD ] we set aside the impugned order and direct the AO to allow the claim of the assessee and not to consider the impugned contribution of the assessee to the “Pension Fund” as a Fringe Benefit provided by the assessee to its employees. As per the definition of ‘contribution’, no individual employee had any benefit earmarked the payment cannot be considered as covered by the provisions of 115WB(1)(c) – thus, the contribution made to the fund under this benefit scheme cannot be considered as the amount to be considered under the provisions of section 115WB(1)(c) for the purpose of FBT – Decided in favour of Assessee.
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