https://www.taxtmi.com/caselaws?id=213817 The Tribunal dismissed both appeals by the revenue, upholding the CIT(A)'s decisions. It was held that Fringe Benefit Tax (FBT) is payable only on expenses actually incurred during the year and charged to the Profit & Loss Account. Prepaid expenses not related to the year under consideration should not be taxed. Additionally, FBT on sales promotion expenses applies only when there is collective benefit to employees, which was not present in the case of business promotion payments to Tata Sons. en-us Wed, 25 Apr 2012 00:00:00 +0530 Wed, 01 Aug 2012 00:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213817 The Tribunal dismissed both appeals by the revenue, upholding the CIT(A)'s decisions. It was held that Fringe Benefit Tax (FBT) is payable only on expenses actually incurred during the year and charged to the Profit & Loss Account. Prepaid expenses not related to the year under consideration should not be taxed. Additionally, FBT on sales promotion expenses applies only when there is collective benefit to employees, which was not present in the case of business promotion payments to Tata Sons. Case-Laws Income Tax Wed, 25 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213817