9911796707
TMI Blog2012 (8) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of AO to verify the actual payment of contribution which exceeds Rs. 1 lac in respect of each employee - in favour of assessee for statistical purposes - ITA No. 466/Ind/2009 - - - Dated:- 20-6-2012 - Shri Joginder Singh, And Shri R.C. Sharma, JJ. Appellant by Shri Sumit Nema Respondent by Shri Darshan Singh O R D E R PER R.C. SHARMA, AM This is an appeal filed by the assessee against the order of the learned Commissioner of Income Tax (Appeals) dated 29.6.2009 for the assessment year 2007-08 on the following ground :- In view of the facts and circumstances of the case, the ld. CIT(Appeals) has erred in law in confirming the disallowance of contribution of Rs. 25.25 crores made by the assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicability of fringe benefit tax can be looked after in the year in which there is actual payment of pension. During the relevant assessment year, under consideration, i.e. 2007-08, the Assessing Officer has levied fringe benefit tax on the contribution of Rs. 25.25 crores which was paid during the year under consideration. The Commissioner of Income Tax (Appeals) has confirmed the order of the Assessing Officer by observing that amendment is effected on the contribution made for the previous year relevant to the assessment year 2007-08. However, since the amount of Rs. 25.25 crores paid by the assessee was against the provision made of the liability of the previous year relevant to the assessment year 2006-07, hence, the amendment is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. The Assessing Officer is directed to decide the issue as per the amended provisions of law vis- -vis decision of coordinate Bench in the case of Rajasthan Rajya Utpadan Nigam Limited and Rajasthan Rajya Vidyut Prasaran Nigam Limited, wherein I.T.A.T., Jaipur Bench, vide order dated 27.11.2009 in the case of Rajasthan Rajya Vidyut Prasaran Nigam Limited held that the amendment has been made as welfare measure for overwhelming majority of employees to make it parallel with the deduction provided u/s 80C read with section 80CCD. Such view was taken after combined reading of the speech of Finance Minister and the memorandum explaining the provisions of the bill. It will be useful to reproduce para 10 of the order of the Tribunal dated 27.11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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