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        Case ID :
        Income Tax

        The Appellate Tribunal interpreted the term 'business of...

        ITAT interpreted 'business of construction' u/s 115WE(3) r.w.s 115WG - Ship building included. Fringe benefits @ 5% valid.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The Appellate Tribunal interpreted the term "business of construction" u/s 115WE(3) r.w.s 115WG to determine fringe benefit tax value. The issue was whether ship building falls under "construction" and if the assessee correctly admitted 5% fringe benefits on conveyance, tour & travel instead of 20% by Revenue. Tribunal held ship building is construction, citing Circular No.8/2005. English language meaning supports ship building as construction. Assessee engaged in ship construction qualifies for 5% fringe benefit tax rate u/s 115WC(2)(b), not 20% by Revenue. Addition by AO deleted, all grounds allowed.
                                Note: It is a system-generated summary and is for quick reference only.
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