2016 (1) TMI 1417

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....ghavan, Adv. For The Respondent : Shri. A.B. Koli, IRS, JCIT ORDER PER G. PAVAN KUMAR, JUDICIAL MEMBER: The appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals)-III, Chennai in ITA No.894/2013-14, dated 30.1.2014 for the assessment year 2006-2007 passed u/s.115WE(3) and 250 of Income Tax Act, 1961 (in short the 'Act'). 2. The only substantive gro....

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....ear in the month of April and May 2006 and there is no dispute about the superannuation fund with the LIC of India. The Assessing Officer also estimated 20% of sales promotion expenses, market research expenditure for calculation of value of fringe benefit. The ld. Authorised Representative submitted that provision is not subject to fringe benefit tax as the same was paid well before due date of f....

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....tual payment but Assessing Officer made an addition, overlooked the payment made in the Financial year 2006-2007 and relied on provision made before 31.03.2006. Further, the ld. Authorised Representative relied on decision of Co-ordinate Bench of the Tribunal in the case of ACIT vs. M/s. Bharat Overseas Bank Ltd in ITA No.1541/Mds/2010, dated 20.02.2013 were similar issue was dealt. But the Commis....

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....xplanations of Sec 115WB(1) (c) of the Act were ''The fringe benefit means any consideration for employment provided by way of any contribution by the employer to a approved superannuation fund for employees''. The assessee company qualify for deduction and relied on the order of M/s. Bharat Overseas Bank Ltd(supra) and explained that such contribution was paid in the next Financial year and was s....