https://www.taxtmi.com/caselaws?id=252444 Fringe benefit tax for a tea business must be computed in a manner consistent with the restriction that agricultural income cannot be taxed indirectly. The Calcutta HC's reasoning was that Rule 8 and Chapter XII H of the Income-tax Act must be read subject to Section 10(1), because expenditure on fringe benefits forms part of a composite outlay connected with both business and agriculture. On that basis, the taxable value cannot include amounts that would effectively bring agricultural income to tax. The Tribunal's approach was therefore unsustainable, and the assessee's substantive tax contention succeeded. en-us Mon, 01 Sep 2014 00:00:00 +0530 Wed, 22 Oct 2014 10:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252444 Fringe benefit tax for a tea business must be computed in a manner consistent with the restriction that agricultural income cannot be taxed indirectly. The Calcutta HC's reasoning was that Rule 8 and Chapter XII H of the Income-tax Act must be read subject to Section 10(1), because expenditure on fringe benefits forms part of a composite outlay connected with both business and agriculture. On that basis, the taxable value cannot include amounts that would effectively bring agricultural income to tax. The Tribunal's approach was therefore unsustainable, and the assessee's substantive tax contention succeeded. Case-Laws Income Tax Mon, 01 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252444