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2016 (9) TMI 149 - AT - Income TaxFringe benefit tax - whether the assessee employer is liable to be charged with FBT, notwithstanding the fact that the assessee’s income derived only from agriculture was exempt from income tax under section 10(1) of the Act? - Held that:- The assessee in the case on hand is not liable for imposition of FBT, since its only income i.e., agricultural income is exempt from income tax under section 10(1) of the Act and this income does not form part of and is not to be included in total income. See Apeejay Tea Ltd. vs. CIT and Another [2014 (7) TMI 1118 - CALCUTTA HIGH COURT].
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