https://www.taxtmi.com/caselaws?id=753605 The ITAT Visakhapatnam ruled in favor of the assessee in a fringe benefit tax dispute. The case involved whether shipbuilding constitutes "construction business" under section 115WC(2)(b) for computing fringe benefits at 5% instead of 20%. The Revenue argued that shipbuilding is distinct from construction business, requiring the higher 20% rate. The ITAT held that shipbuilding falls within the ordinary meaning of "construction business" based on dictionary definitions and CBDT Circular No.8/2005. The tribunal allowed the assessee's computation of fringe benefits at 5% for conveyance and travel expenses, deleting the addition made by the AO and confirmed by CIT(A)-NFAC. en-us Fri, 31 May 2024 00:00:00 +0530 Thu, 06 Jun 2024 08:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753605 The ITAT Visakhapatnam ruled in favor of the assessee in a fringe benefit tax dispute. The case involved whether shipbuilding constitutes "construction business" under section 115WC(2)(b) for computing fringe benefits at 5% instead of 20%. The Revenue argued that shipbuilding is distinct from construction business, requiring the higher 20% rate. The ITAT held that shipbuilding falls within the ordinary meaning of "construction business" based on dictionary definitions and CBDT Circular No.8/2005. The tribunal allowed the assessee's computation of fringe benefits at 5% for conveyance and travel expenses, deleting the addition made by the AO and confirmed by CIT(A)-NFAC. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753605