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TMI Blog2024 (10) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... . POONACHA For the Appellants (By Sri Sushal Tiwari N, Advocate) For the Respondent (By Sri Nageswar Rao D D, Advocate - V.C) ORAL JUDGMENT (PER: HON'BLE MR JUSTICE C.M. POONACHA) The present appeal is filed under Section 260A of the Income Tax Act, 1961 [IT Act] by the Revenue challenging the order dated 19.4.2023 passed in IT(TP)A No. 874/Bang/2022 by the Income Tax Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and cannot be debited under profit and loss account. 3) Whether on facts and in circumstances of the case and in law, the Hon'ble ITAT is correct in law in allowing Assessee claim even though expenditure claimed by the assessee is notional and it is clear from the scheme of ESOP that the employees will not get any right in the share till completion of the period prescribed and expenditure claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .6.2022. Being aggrieved, the assessee preferred appeal IT(TP)A No. 874/Bang/2022 before the Tribunal. The Tribunal by order dated 19.4.2023 partly allowed the appeal. Being aggrieved, the present appeal is filed by the Revenue. 4. Heard the submissions of Sri Sushal Tiwari, learned counsel for the appellant/Revenue and Sri Nageswar Rao, learned counsel for the respondent/assessee. 5. The primar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax, LTU v. Biocon Ltd. (2020) 121 taxmann.com 351 (Karnataka), wherein this Court has also held the discount on issue of ESOP was allowable expense under Section 37 (1) of the IT Act. 7. Although learned counsel for the Revenue does not dispute the proposition of law as held by the Tribunal and as laid down by the coordinate Bench of this Court in the case of Biocon Ltd.,8, it is soug ..... X X X X Extracts X X X X X X X X Extracts X X X X
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