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TMI Blog2019 (2) TMI 814X X X X Extracts X X X X X X X X Extracts X X X X ..... O. The assessee had claimed the sum as a deduction u/s. 35DDA and was allowed during the assessment u/s. 143(3) of the Act. Thus, it is clear that the payment is not towards the Superannuation Fund as held by the AO. In fact Section 2(6) of the Income Tax Act defines the – “approved superannuation fund" as a superannuation fund or any part of a superannuation fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part B of the Fourth Schedule. Fringe Benefits are defined u/s. 115WB of the Act Clause-C of Section-1 thereof refers to - any contribution by the employer to an approved superannuation fund for em ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bution to Superannuation Fund, but was an amount paid to the employees under the Voluntary Retirement Scheme during the FY. 2006-07, relevant to the AY. 2007-08 and which was claimed as deduction u/s. 35DDA of the Act. Therefore, according to the assessee, it was not a contribution to the Superannuation Fund and cannot be treated as a fringe benefit. Assessing Officer, however, held that Voluntary Retirement Scheme is also covered under the ambit of Superannuation Fund and therefore it has to be brought to FBT and accordingly, he brought it to tax. 2.1. Aggrieved, assessee preferred an appeal before the CIT(A), who allowed the same by observing that the amount which was claimed as a deduction u/s. 35DDA was a payment made to the employee u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the - "approved superannuation fund" as a superannuation fund or any part of a superannuation fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part B of the Fourth Schedule; 4.1. Fringe Benefits are defined u/s. 115WB of the Act Clause-C of Section-1 thereof refers to - any contribution by the employer to an approved superannuation fund for employees ; 4.2. In the case before us, the payment made towards Voluntary Retirement Scheme is not a contribution to the approved Superannuation Fund for employees as rightly held by the CIT(A). Therefore, we do not find any reason to interfere with the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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