https://www.taxtmi.com/caselaws?id=382022 The court ruled in favor of the petitioner, a banking company, in a case involving Fringe Benefit Tax (FBT) on contributions to an approved pension fund. The court held that statutory contributions to the superannuation fund are outside the ambit of FBT, overturning the assessment that treated such contributions as fringe benefits subject to FBT. The court directed the authority to reconsider the petitioner's claim for a refund under Section 119 of the Income Tax Act, emphasizing the importance of fairness and proper exercise of discretionary powers by tax authorities. en-us Wed, 12 Jun 2019 00:00:00 +0530 Wed, 28 Aug 2019 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382022 The court ruled in favor of the petitioner, a banking company, in a case involving Fringe Benefit Tax (FBT) on contributions to an approved pension fund. The court held that statutory contributions to the superannuation fund are outside the ambit of FBT, overturning the assessment that treated such contributions as fringe benefits subject to FBT. The court directed the authority to reconsider the petitioner's claim for a refund under Section 119 of the Income Tax Act, emphasizing the importance of fairness and proper exercise of discretionary powers by tax authorities. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382022