Section 37(3A) of the Income Tax Act

DCIT Cen Cir 1(4), Mumbai vs. Grasim Industries Ltd, Mumbai

Accordingly direct the AO to exclude value of such fringe benefit from the taxable value of fringe benefit. Ground No. 7 is accordingly allowed

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./5057/Mum/2015,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcitcent. Circle-1(4), Room No.902, M/S. Grasim Industries Limited 9Th Floor,Old Cgo Building. M.K. Road Corporate Finance Division, Aditya Birla Church Gate,Mumbai-400 020. Centre, A-Wing, Vs. 2Nd Floor, Sk Ahire Marg, Worli Mumbai-400 030 Pan:Aaacg 4464 B (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Vidyadhar- Dr अपीलाथ" क" ओर से /Assessee By: Shri Ronak G. Doshi सुनवाई क" तारीख / Date Of Hearing: 13/07/2017 घोषणा क" तारीख / Date Of Pronouncement: 08/09/2017 लेखा सद"य, राजे"" के अनुसार लेखा सद"य राजे"" के अनुसार/ Per Rajendra A.M.- लेखा सद"य लेखा सद"य राजे"" के अनुसार राजे"" के अनुसार Challenging The Order Dtd.30.07.2015 Of The Cit(A)-13,Mumbai,The Assessee Had Filed The Present Appeal.Assessee-Company,Engaged In The Business Of Manufacturing & Trading Filed The Fringe Benefit Tax(Fbt) On 29/09/2009,Showing Value Of Chargeable Fringe Benefit (Fb) At Rs.36.80 Crores.In The Return It Had Offered Various Expenses As Chargeable To Fbt.But,By Way Of A Note It Claimed That Fbt Was Payable On Such Expenditure.The Ao Completed The Assessment U/S.115We(3)Of The Act,On 17.10.2011,Determining The Value Of The Chargeable Fb At Rs. 36,80,51,213/-.