2021 (8) TMI 1322 - SCH - Income Tax

Discount on issue of ESOP - allowable deduction in computing the income under the head profits and gains of the business or not? - as per HC assessee has incurred a definite legal liability and on following the mercantile system of accounting the discount on ESOPs has rightly been debited as expenditure in the books of accounts - HELD THAT - Issue notice.

Summary

The Supreme Court of India issued notice in a case tagged with Civil Appeal No. 10529 of 2017. Mr. Rohinton Fali Nariman and Mr. B.R. Gavai were the judges presiding over the case. The petitioner was represented by Mr. Balbir Singh, ASG, Mr. Shyam Gopal, Ms. Chinmayee Chandra, Ms. Niranjana Singh, and Mr. Raj Bahadur Yadav. The respondent did not have representation.