Appeal Dismissed: ESOP Expenses Allowed as Deduction Under IT Act 1961, Aligning with Previous Decisions.

The HC of Calcutta dismissed the appeal concerning the disallowance of ESOP expenses under the IT Act, 1961. The court condoned the delay in filing and ruled in favor of the assessee, aligning with previous HC decisions that allowed ESOP expenses as a deduction under Section 37(1). The substantial question of law was resolved against the revenue.

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The High Court of Calcutta heard an appeal regarding the disallowance of ESOP expenses under the Income Tax Act, 1961. The court condoned the delay in filing the appeal and dismissed it, citing previous High Court decisions in favor of the assessee allowing ESOP expenses as a deduction under Section 37(1) of the Act. The appeal was dismissed, and the substantial question of law was answered against the revenue.

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