COMMISSIONER OF INCOME TAX Vs. UTI BANK LTD

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dated September 10, 2013, passed by the learned Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") in I.T.A. No. 790/Ahd/2012 for the assessment year 2007-08, the Revenue has preferred the present tax appeal to consider the following proposed substantial question of law:

(2.) Feeling aggrieved by and dissatisfied with the order passed by the learned Tribunal, the Revenue has preferred the present tax appeal.

(3.) We have heard Mr. Manish Bhatt, learned counsel appearing on behalf of the Revenue and Mr. R.K. Patel, learned advocate appearing on behalf assessee, who is on caveat. We have perused the order passed by the learned Commissioner under section 263 of the Act as well as the impugned judgment and order passed by the learned Tribunal. From the order passed by the learned Tribunal, it appears that out of the total amount of Rs. 9,13,67,379, which includes the list of 29 employees where the contribution in the superannuation fund was more than Rs. 1 lakh and their aggregate amount was Rs. 51,36,132 and from the aforesaid amount, the assessee had reduced Rs. 29 lakhs being the exemption limit in respect of the 29 employees (the contribution was in excess of Rs. 1 lakh each) and the balance of Rs. 22,36,132 was considered as taxable fringe benefit tax. As per section 115WC for the purpose of the said Chapter, the value of the fringe benefits shall be the aggregate of amount of contribution referred to in clause (c) of section 115WB which exceeds Rs. 1 lakh in respect of each employee.