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of The ITAT allowed the ESOP expenditure deduction, observing it represents the FMV-issue price differential and noting compliance with SEBI guidelines and binding coordinate-bench precedent, thereby reversing the AO's disallowance. The Tribunal restored the long-term capital gain/loss issue arising from sale of land to the file of the Ld. CIT(A) for fresh adjudication, directing the AO/CIT(A) to obtain the collector/circle rate as at the relevant date and afford both parties opportunity to adduce evidence. Additions on account of deferred income/time-share revenue were disallowed in view of the assessee's consistent revenue recognition policy deferring 55% and treating 45% as current income, in line with earlier Tribunal findings.
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