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2018 (2) TMI 436

Head Note / Extract:
Computation of fringe benefit tax - Assessee pleaded that when a particular item of expenditure has been disallowed by the Ld. AO as not incurred wholly and exclusively for the purpose of business u/s 37 of the Act, then the same should not be subjected to levy of fringe benefit tax - Held that:- We find that the Ld. AO has fairly pleaded only for exclusion of the amount disallowed in the sum of ₹ 7,91,147/- from the computation of fringe benefit tax which, in our considered opinion, is just and fair. We find that CBDT Circular No. 8/2005 dated 29.08.2005 had in response to Frequently Asked Questionnaire (FAQ) has clarified the same.

We find that the similar exclusion from FBT has been done properly by the Ld. AO in the assessment proceedings of assessment year 2007-08. From the facts narrated we find that this sum of disallowance of expenditure had been subjected to FBT.

We are inclined to accept the alternative plea of the Ld. AR that the disallowed is to be excluded from the computation of FBT as worked out in the aforesaid table. Hence, we direct the ld. AO to re-compute the FBT computation as directed above. Accordingly, grounds raised by the assessee are allowed for statistical purposes.


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