https://www.taxtmi.com/caselaws?id=328933 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decisions on the interpretation of section 40(a)(ic) for Fringe Benefit Tax (FBT) deduction, exclusion of prior period expenditure, and Security Transaction Tax (STT) from book profit computation under section 115JB. The Court affirmed that FBT is deductible for book profit calculation despite being prohibited for regular income computation. It supported the exclusion of prior period expenditure and STT based on legal provisions, emphasizing that these exclusions were correctly applied and not subject to rectification. The Court found no substantial question of law and upheld the Tribunal's rulings. en-us Thu, 09 Jun 2016 00:00:00 +0530 Thu, 17 Nov 2016 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328933 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decisions on the interpretation of section 40(a)(ic) for Fringe Benefit Tax (FBT) deduction, exclusion of prior period expenditure, and Security Transaction Tax (STT) from book profit computation under section 115JB. The Court affirmed that FBT is deductible for book profit calculation despite being prohibited for regular income computation. It supported the exclusion of prior period expenditure and STT based on legal provisions, emphasizing that these exclusions were correctly applied and not subject to rectification. The Court found no substantial question of law and upheld the Tribunal's rulings. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328933