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TMI Blog2013 (6) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... . 39,03,900/- made by the A.O. Revenue appeal. Held that:- In the absence of any distinguishing feature brought on record by the Revenue, and following the decision of the Hon'ble jurisdictional High Court in CIT vs. Mr. Jaidev H. Raja [2012 (11) TMI 343 - BOMBAY HIGH COURT], there is no need to interfere with the order passed by the ld. CIT(A) on this account and accordingly the Revenue appeal is rejected. - I.T.A. No. 810/Mum/2012 - - - Dated:- 13-2-2013 - Shri Dinesh Kumar Agarwal, JM And Shri Sanjay Arora, AM,JJ. For the Appellant : Shri Mohit Jain For the Respondent : Shri M. P. Lohia ORDER Per Dinesh Kumar Agarwal, JM. :- This appeal preferred by the Revenue is directed against the order dtd. 30-11-2011 pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly the A.O. worked out the perquisites on account of tax liability borne by the employer at Rs. 39,03,900/-. The A.O. after making some additions completed the assessment at an income of Rs. 1,45,90,930/- vide order dtd. 29-3-2001passed u/s 144 r.w.s. 147(a) of the Act. On appeal, the ld. CIT(A) following the decision of the Tribunal in Jaidev H. Raja in ITA No. 2021/Mum/1998 and the decision of the Hon'ble Calcutta High Court in Nicco Corporation vs. CIT 251 ITR 791 (Cal.) directed the A.O. to consider the perquisite only to the extent of tax paid by Amex India on behalf of the assessee for additional Indian income tax liability paid for equalization of income earned which comes to Rs. 16,84,498- and accordingly deleted the addition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... note) (US$ 62,500*34.90) 2,181,250 Accommodation perquisite 110,639 Gross taxable salary 8,155,256 Less: Standard deduction (15,000) Net taxable salary 8,140,256 Rounded off under section 288A 8,140,256 Tax liability (A) 3,230,104 US tax liability relating to services rendered in India converted into India Rupees (B) [(US$ 45,346*33.07) + (20,625*34.90) 2,219,405 Difference between US and Indian tax liability (A+B) (ie. Tax equalization) 1,010,699 Tax equalization (A-B)/06 1,684,498 Note:-The amount stated as bonus is the amount of Performance bonus paid in February 1996 toMr. Sen f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has arisen, because, the assessee in his computation had added Rs. 50.00 lakhs as income and deducted Rs. 15.00 lakhs from the income, when in fact the said amount of Rs. 15.00 lakhs was not received from the company but paid out of the salary amount received in India. In other words, though the assessee had paid tax of Rs. 50.00 lakhs, since the assesses was entitled to reimbursement of Rs. 35.00 lakhs from the Company, the salary income (Rs. 77.00 lakhs) received by the assesses had to be enhanced by Rs. 35.00 lakhs only and not the balance Rs. 15.00 lakhs which is paid by the assesses from the salary income. In these circumstances, the Tribunal was justified in holding that the tax amounting to Rs. 15.00 lakhs paid by the assessee from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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