FBT stayed - For the petitioner only
The Madras High Court has stayed levy of Fringe Benefit Tax (FBT) on a chartered accountant firm. The interim injunction was granted by Justice K Raviraja Pandian on a petition filed by Ashok Kumbhat, partner of M/s Kumbhat and Company and former president of Institute of Chartered Accountants of India (as reported in DDT earlier)
Admitting the petition, the judge directed issue of notice to the Union Secretary in the Law, Justice and Company Affairs Ministry and the Central Board of Direct Taxes.
The petitioner had challenged the FBT as unconstitutional and arbitrary.