The ITAT allowed the assessee's claim for deduction of ESOP ...

ITAT Approves ESOP Expenditure Deduction, Criticizes Assessing Officer for Ignoring Precedents and Judicial Discipline.

January 14, 2025

Case Laws Income Tax AT

The ITAT allowed the assessee's claim for deduction of ESOP expenditure, directing the AO to follow the binding precedents of the Karnataka HC and ITAT Special Bench on this issue. It held that the AO violated judicial discipline by rejecting the claim without considering these higher judicial precedents, disrespecting principles of judicial precedents. The ITAT reprimanded the lower authorities for grossly rejecting the assessee's claim to keep the issue alive despite the coordinate Bench remanding it for fresh examination, when the ESOP matter was pending before the Supreme Court.

View Source

← Previous Next →

The ITAT allowed the assessee's claim for deduction of ESOP ...

ITAT Approves ESOP Expenditure Deduction, Criticizes Assessing Officer for Ignoring Precedents and Judicial Discipline.

January 14, 2025

Case Laws Income Tax AT

You may also like:

Deduction u/s.35 AD(5)(aa) - whole of capital expenditure incurred for purpose of development of hotel claimed - We restore the issue to file of the Assessing Officer...

Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

Disallowance of weighted deduction u/s. 35(2AB) - research and development (R&D) expenditure - The Income Tax Appellate Tribunal (ITAT) considered the arguments...

Regarding additions u/s 14A for disallowance of expenditure related to exempt income, the ITAT upheld the CIT(A)'s order, which modified the Assessing Officer's (AO)...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

The Tribunal held that the remuneration received by the assessee, who was a whole-time director holding 13.8% shares in D-Art Furniture System Pvt. Ltd. and supervising...

Expenditure of ESOP - Expenditure in question was wholly and exclusively for the purpose of the business of the assessee and had to be allowed as deduction as a revenue...

The ITAT allowed the assessee's appeal for statistical purposes and remanded the matter to the Assessing Officer/Transfer Pricing Officer for fresh adjudication....

The ITAT upheld the CIT(A)'s decision to restrict TP adjustment on guarantee commission to 0.2% for one financial year, finding TPO's 0.77% adjustment unjustified. The...

Deduction claimed u/s 80G for donations qualifying as CSR expenditure was expressly disallowed u/s 37(1). The court held that even though there is no explanation for...

Validity of valuation u/s 56(2)(viib) was questioned. The Assessing Officer rejected the assessee's valuation report and framed the order based on actual figures, which...

The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

The ITAT allowed the deduction claimed u/s 80G for Corporate Social Responsibility (CSR) expenditure. The solitary reason for denying the deduction by the lower...

The Income Tax Appellate Tribunal (ITAT) adjudicated on various transfer pricing issues concerning an assessee. Regarding segmentation of business activities, the ITAT...

The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

Quick Updates: