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TMI Blog2018 (4) TMI 1858X X X X Extracts X X X X X X X X Extracts X X X X ..... by the employees - HELD THAT:- The Scheme is analogous to the Employee stock appreciation rights scheme 2007 and is covered in the favour of the assessee by the ruling of this Court in the case of Commissioner of Income Tax vs. New Delhi Television Limited [ 2017 (9) TMI 118 - DELHI HIGH COURT] which had in turn relied on a previous judgment of Madras High Court in the case of Commissioner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that there was no finding to the effect that the reimbursement contained any income element. On account of these findings the court is of the opinion that no question of law arises on this aspect. Admit: Did the ITAT fall into error in permitting the assessee expenditure claimed by it for the period April-2007 to June-2007 ( 93,89,552/-) having regard to the circumstance that it commences business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TC(A) No.1023 of 2005. Consequently, no question of law arises on this aspect. The next question urged is with respect to the disallowance under Section 14-A of the Income Tax Act. The ITAT here ruled that since no exempt income was earned during the year, disallowance was impermissible, relying upon the judgment of this Court in the case of 'Cheminvest Ltd. Vs CIT-VI', (2015) 378 ITR 33. For th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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