M/s. Geojit Financial Services Ltd. vs. The DCIT, Corporate
Parties Involved
Facts Summary
The assessee, M/s. Geojit Financial Services Ltd., appealed against the National Faceless Appeal Centre's order for the assessment year 2018-2019. The Revenue argued that the Commissioner of Income Tax (Appeals) was not justified in deleting the disallowance of Rs.13,23,33,414/- on account of the Employee Stock Option Plan (ESOP). The assessee claimed that the discount on shares allotted under ESOP is a revenue expenditure and an ascertainable liability allowable as a deduction under section 37(1) of the Income Tax Act, 1961. The Tribunal reviewed the submissions and case laws, finding that the disallowance was correctly deleted as per the decisions of various High Courts and the ITAT.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the disallowance of Rs.13,23,33,414/- on account of ESOP is justified?
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Similar Judgements
DCIT New Delhi vs. FIS Global Business Solutions India Private Limited
TSI Yatra Private Limited Vs. The Dy. C. I.T.
Delhi 'C' Bench benchAY 2018-19Partly AllowedACIT, Circle 6(1)(2) vs. M/s. Ask Wealth Advisors Pvt. Ltd.
Mumbai benchProcter & Gamble Hygiene and Health Care Limited vs. Assessment Unit, National Faceless Assessment Centre, Delhi
Mumbai Bench benchAY 2015-16Partly AllowedNovartis Healthcare Private Limited vs DCIT
Mumbai Bench benchAY 2021-22OtherDCIT, Circle 7 (1) vs. FIS Global Business Solutions India Delhi. Pvt. Limited