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2015 (10) TMI 234 - AT - Income TaxFBT - Validity of the reopening of assessment under Section 115WG - Addition on account of contribution towards pensions fund - Held that:- Contribution can be brought to the value of fringe benefit provided there is an employer-employee relationship and the same is paid to an approved superannuation fund. The Circular No.8/2005 dated 29.08.2005 also clarifies that employer- employee relationship is pre requisite for the levy of Fringe Benefit Tax. The other important aspect is that, the contribution must be to an approved superannuation fund. The contention of the assessee is that it is not contribution made to its employees but lumpsum payment to the Department of Telecommunication and even assuming it is payment to its employees it is not a contribution to an approve superannuation fund. On perusal of the orders of both the Assessing Officer as well as the CIT(A), we notice these contentions of the assessee has not been properly addressed to. Therefore, in the interest of justice, we are of the view that this matter needs to be reconsidered by the Assessing Officer taking into consideration of the contentions raised by the assessee. Hence, this issue is restored to the Assessing Officer for de novo consideration.- Decided in favour of assessee for statistical purposes.
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