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TMI Blog2012 (8) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... see in accordance with the provisions of section 115WC(1)(b) of the Act." 2. At the outselt, the learned CIT DR, Shri Darshn Singh placed on record an order dated 18.1.2011 of the Tribunal in the assessee's own case for the assessment year 2006-07 wherein on exactly similar issue, it was held that the contribution made to superannuation fund through transfer entry from contribution to provident fund is liable to fringe benefit tax. 3. On the other hand, the Ld.Counsel for the assessee, Shri Sumit Nema, contended that there is an amendment in the provisions of section 115WC(1)(b) of the Act vide Finance Act, 2006 w.e.f. the assessment year 2007-08 according to which contribution to superannuation fund upto Rs. 1 lac for each employee is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot applicable. We do not find any merit in the action of the Commissioner of Income Tax (Appeals) . As per the amendment brought in section 115JC w.e.f. 2007-08, the value of fringe benefit shall be the aggregate of the following, namely, (a) cost at which the benefits referred to in clause (b) of sub-section (1) of section 115WB, is provided by the employer to the general public as reduced by the amount, if any, paid by, or recovered from, his employee or employees: Provided that in a case where the expenses of the nature referred to in clause (b) of sub-section (1) of section 115WB are included in any other clause of sub-section (2) of the said section, the total expenses included under such other clause shall be reduced by the amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.11.2009 :- "The above principle of interpretation laid down in various judgments of Hon'ble Supreme Court when read in context with the purchase and intention for which the amendment was made u/s 115WB(1)() leaves no scope of debate that the said amendment was to remedy the unintended consequences and, therefore, it is required to be considered as retrospective in operation so that a reasonable interpretation can be given to the scheme of levy of fringe benefit tax on contribution to superannuation fund as a whole. We, therefore, hold that the contribution to superannuation fund in present case being less than Rs. 1.00 lac per employee is not liable for fringe benefit tax. In the result, this ground of assessee is allowed." 6. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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