FBT is payable even in the absence of any taxable income

Advertisement DCIT Vs M/s Mcleod Russel India Ltd (ITAT Kolkata) – Whether FBT is payable even in the absence of any taxable income – Whether provision of section 115-O & 115WA are pari-materia and hence FBT is leviable only to the extent of those expenses which are directly relatable to the Income taxable under the Income Tax Act – Whether when only 40% income of a tea company is chargeable to tax, even FBT liability arises on only 40% of expenses. – Revenue’s appeal allowed. IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : KOLKATA I.T.A No. 2093/Kol/2010 ...