https://www.taxtmi.com/caselaws?id=399117 The High Court ruled in favor of the assessee, dismissing the revenue's appeal regarding fringe benefit tax (FBT) on Equated Monthly Installments (EMI) for cars purchased on lease finance basis and in-house training expenses. The Tribunal's decisions were upheld, stating that EMI payments for car purchases and in-house training expenses were not subject to FBT as per relevant provisions and Circulars. The Court emphasized that only actual running and maintenance expenses of cars on finance lease are liable for FBT, and expenses for imparting in-house training to employees are exempt from FBT. en-us Wed, 16 Sep 2020 00:00:00 +0530 Sat, 03 Oct 2020 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399117 The High Court ruled in favor of the assessee, dismissing the revenue's appeal regarding fringe benefit tax (FBT) on Equated Monthly Installments (EMI) for cars purchased on lease finance basis and in-house training expenses. The Tribunal's decisions were upheld, stating that EMI payments for car purchases and in-house training expenses were not subject to FBT as per relevant provisions and Circulars. The Court emphasized that only actual running and maintenance expenses of cars on finance lease are liable for FBT, and expenses for imparting in-house training to employees are exempt from FBT. Case-Laws Income Tax Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399117