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| The Tax Publishers2020 TaxPub(DT) 2366 (Kol-Trib) INCOME TAX ACT, 1961
Section 37(1)
Where AO made disallowance of additional ESOP expenses on allegation that expenses were not debited in books of account, as issue was covered by decision of Tribunal in case of Biocon Ltd. v. DCIT 2013 TaxPub(DT) 2046 (Bang-Trib) and also in assessee's own case for assessment year 2013-14, therefore, following same, disallowance made by AO was invalid.
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Business expenditure - Allowability - Additional expenses for discount given on ESOP (Employees' Stock Option Plan) -
Issue was regarding deletion of disallowance of additional ESOP expenses. AO made disallowance on allegation that expenses were not debited in books of account and thus, were not allowable. Held: Instant issue was covered by decision of Tribunal in case of Biocon Ltd. v. DCIT 2013 TaxPub(DT) 2046 (Bang-Trib) and also in assessee's own case for assessment year 2013-14. Therefore, following same, disallowance made by AO was rightly deleted by CIT(A).
Followed:DCIT v. M/s. Magma Fincorp Ltd. [I.T.A No. 946/Kol/2017, dt. 7-12-2018] M/s. Biocon Limited and others v. Dy. CIT (2013) 35 taxmann.com 335 (Bang) : 2013 TaxPub(DT) 2046 (Bang-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE ITAT, KOLKATA BENCH
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