The Appellate Tribunal interpreted the term "business of ...

ITAT interpreted "business of construction" u/s 115WE(3) r.w.s 115WG - Ship building included. Fringe benefits @ 5% valid.

Case Laws Income Tax

June 6, 2024

The Appellate Tribunal interpreted the term "business of construction" u/s 115WE(3) r.w.s 115WG to determine fringe benefit tax value. The issue was whether ship building falls under "construction" and if the assessee correctly admitted 5% fringe benefits on conveyance, tour & travel instead of 20% by Revenue. Tribunal held ship building is construction, citing Circular No.8/2005. English language meaning supports ship building as construction. Assessee engaged in ship construction qualifies for 5% fringe benefit tax rate u/s 115WC(2)(b), not 20% by Revenue. Addition by AO deleted, all grounds allowed.

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The Appellate Tribunal interpreted the term "business of ...

ITAT interpreted "business of construction" u/s 115WE(3) r.w.s 115WG - Ship building included. Fringe benefits @ 5% valid.

Case Laws Income Tax

June 6, 2024

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