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The Commissioner of Income Tax-3 Versus M/s Kotak Commodity Services Ltd.

2015 (10) TMI 256 - BOMBAY HIGH COURT

Fringe Benefits - whether cannot arise when the expenditure is incurred on non-employees - whether Tribunal was justified in law in holding that expenses which are specifically mentioned in Section 115WB(2) can be reduced from the valuation of fringe .....

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llowing the decision rendered of this Court in CIT Vs. Kotak Mahindra Old Mutual Life Insurance Ltd. being Income Tax [2015 (10) TMI 82 - BOMBAY HIGH COURT] - Decided against revenue. - INCOME TAX APPEAL NO. 1862 OF 2013, INCOME TAX APPEAL NO. 1863 O .....

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under Section 260A of the Income Tax Act, 1961 (the 'Act') have been filed by the revenue against the common impugned order dated 16 January 2013 of the Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order allowed the re .....

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he case and in law, the Tribunal was justified in law in holding that Fringe Benefits cannot arise when the expenditure is incurred on non-employees without appreciating that the deeming provisions of Section 115WB(2) are not subject to the provision .....

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oned in Section 115WB(2) can be reduced from the valuation of fringe benefit if they have not been incurred for employees without appreciating that the CBDT Circular No.8 of 2005 categorically states that sub section (2) is an extension of subsection .....

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