TMI Blog2016 (1) TMI 1417X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of FBT. Accordingly, we direct the Assessing Officer to delete the addition. - Decided in favour of assessee. - I.T.A. No. 1589/Mds/2014 - - - Dated:- 5-1-2016 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER For The Appellant : Shri. R. Vijayaraghavan, Adv. For The Respondent : Shri. A.B. Koli, IRS, JCIT ORDER PER G. PAVAN KUMAR, JUDICIAL MEMBER: The appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals)-III, Chennai in ITA No.894/2013-14, dated 30.1.2014 for the assessment year 2006-2007 passed u/s.115WE(3) and 250 of Income Tax Act, 1961 (in short the Act ). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mand of @20,76,785/-. Aggrieved, by the order the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). 4. The Assessee s Appeal was transferred from the Commissioner of Income Tax (Appeals)-I (erstwhile CIT(A)-III), Chennai as per the Notification of the CCIT, Chennai-I in CHE/Coord/112 (Jursdn.)2012-13 dated 23.04.2013 and 26.04.2013. In the appellate proceedings, the ld. Authorised Representative submitted that superannuation fund is for the welfare of the employees and contribution to fund shall be considered on actual payment but Assessing Officer made an addition, overlooked the payment made in the Financial year 2006-2007 and relied on provision made before 31.03.2006. Further, the ld. Authoris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee on such benefit the provisions of fringe benefit tax are not applicable and prayed for deletion of addition. 6. On the other hand, the ld. Departmental Representative relied on the orders of the lower authorities and vehemently argued for dismissal of the appeal. 7. We heard the rival submissions of both the parties, perused the materials on record and orders of the lower authorities and judicial citation referred by the ld. Authorised Representative. The assessee company has made a provision for contribution to superannuation fund and the same was paid in the next Financial year. There is no dispute about the provision and the payment and there is no escapement of value and same was subject to fringe bene ..... X X X X Extracts X X X X X X X X Extracts X X X X
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