SHRI G VIJAYA RAGHAVA RAJU,KAKINADA vs. ACIT, CENTRAL CIRCLE-2, GUNTUR

ITA 37/VIZ/2022Status: DisposedITAT Visakhapatnam26 April 2023AY 2017-18Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)14 pages
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What did the Tribunal hold?

The tribunal held that the premium paid by the employer on the life of the employee under an Employer Employee Scheme (EES) is a taxable perquisite under Section 17(2)(v) of the Income Tax Act, 1961. The assessee's argument that no immediate benefit accrued to the employee was rejected.

What were the facts?

The assessee's appeals were filed with a significant delay, which was condoned by the tribunal. The core issue involved the addition of insurance premium paid by the employer on the employee's life as a taxable perquisite.

What were the issues?

Whether insurance premium paid by an employer on the life of an employee is a taxable perquisite under Section 17(2)(v) of the Income Tax Act, 1961. Whether the assessment proceedings initiated under Section 153C instead of Section 153A are void ab initio.

Which sections of the Income-tax Act were involved?

Section 17(2)(v),Section 143(3),Section 153C,Section 153A

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 20/03/2023

PER S. BALAKRISHNAN, Accountant Member :

All the captioned appeals are filed by the assessee against the orders of the Ld. Commissioner of Income Tax (Appeals)-3, Visakhapatnam in appeal No.744/10455/2019-20/CIT(A)- 3/VSP/2020-21; 746/10457/2019-20/CIT(A)-3/VSP/2020-21; 747/10458/2019-20/CIT(A)-3/VSP/2020-21; 751/2019-

20/10462/CIT(A)-3/VSP/2020-21; 753/2019-20/10464/CIT(A)-

3/VSP/2020-21; 741/10476/201

The order continues below.

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