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2018 (6) TMI 500 - AT - Income TaxRectification of mistake u/s 154 - Disallowance of LTA - change in method of accounting - Held that:- LTA is well supported by logical and scientific methodology - assessee has also given sound reasons for change in the method of accounting and providing LTA on actuarial basis which is based on the valuation of perquisites offered to the employees as part of overall packaging and accounted for as a short term provision since LTA has to be availed by the employee in every block of two years and has to be disbursed by the employer as taxable perquisites - thus there is a mistake which is apparent from record in the findings of the first appellate authority - hence AO is allowed to delete the addition. - Decided in favour of assessee.
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