2020 (3) TMI 1140

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....E(3). (2) The Assessing Officer was erred in law by allocating travelling expenses of Rs. 579.86 lakhs- 70% to tour & travels and 30% to conveyance charges. (3) By allocating the same, AO assessed fringe benefit on travelling Rs. 55,08,670/-. (4) Nicco Corporation Limted computed fringe benefit Rs. 132.02 lakhs and paid FBT Rs. 45.32 lakhs, which included travelling foreign Rs. 29.40 lakhs. (5) Assessing Officer was erred in ignoring computation sheet of fringe benefit prepared by Nicco Corporation Ltd.". 2. The assessee in the present case is a Company, which is engaged in the business of manufacturing of electric cables, conductors and wires galvanize steel tapes etc. The return of income for the year under consideration was file....

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....he Assessing Officer under section 115WE(3) of the Act, an appeal was preferred by the assessee before the ld. CIT(Appeals) challenging the additions made by the Assessing Officer to the fringe benefit value under the head "conveyance" and "tour and travelling". During the course of appellate proceedings before the ld. CIT(Appeals), the details of travelling and conveyance expenses amounting to Rs. 579.86 lakhs were furnished by the assessee and it was contended that the said expenses incurred by the assesese-company did not accrue any fringe benefit directly or deemingly to any person. This contention raised on behalf of the assesee-company was not found acceptable by the ld. CIT(Appeals) in the absence of any supporting vouches or documen....