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2021 (6) TMI 496 - AT - Income TaxFringe benefit Tax on account of free / concessional tickets given to employees and their family members - HELD THAT:- We find that the issue in dispute with regard to valuation of fringe benefits on account of free / concessional air tickets given to employees and their family members is squarely covered by the decision rendered by this Tribunal in the case of Jet Airways India Ltd., vs DCIT [2013 (1) TMI 722 - ITAT MUMBAI] wherein held we agree with the submissions of the counsel that the nearest available, logical and acceptable method is to value the benefit as per the cost assigned for provisions for the frequent flyer programme in the books of account. More so, because such provision has been accepted by the Department in the assessee' s own case from the assessment year 1999-2000 till assessment year 2005-06 and as this method is scientific and has attained finality in due course of time since the assessment year 1999-2000, keeping in mind that the members of the frequent flyer programme scheme are from the general public. Thus restore this issue back to the files of the Assessing Officer who directed to value the fringe benefit of free/concessional tickets as per the valuation of frequent flyer programme as provided by the assessee in its books of account as the same has also been accepted by the Department while making provisions for " frequent flyer programme" for earning JP mileage, and if there are costs for foreign travels the same should be eliminated from the same, thereafter, the Assessing Officer is also directed to reduce the cost recovered from the employees. Direct the Assessing Officer to verify from the special auditor' s report about the actual figure of the tickets issued.The assessee is directed to furnish the details of the amount recovered from the employees towards the cost/concession/free tickets. The Assessing Officer is directed to reduce the value of the fringe benefit to the extent of the cost of benefit recovered by the assessee from its employees - Ground raised by the Revenue is allowed for statistical purposes.
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