https://www.taxtmi.com/caselaws?id=291133 The Tribunal upheld the Assessing Officer's decision to treat income from exercising stock options as 'Income from Salary' rather than 'Long Term Capital Gains', denying the deduction u/s 54F. The Tribunal also confirmed the cancellation of the penalty u/s 271(1)(c), stating the assessee acted in good faith amidst evolving ESOP taxation laws. All appeals were dismissed, affirming the treatment of stock option income as salary and rejecting the deduction claim under u/s 54F. en-us Thu, 31 Oct 2013 00:00:00 +0530 Thu, 29 Oct 2020 10:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291133 The Tribunal upheld the Assessing Officer's decision to treat income from exercising stock options as 'Income from Salary' rather than 'Long Term Capital Gains', denying the deduction u/s 54F. The Tribunal also confirmed the cancellation of the penalty u/s 271(1)(c), stating the assessee acted in good faith amidst evolving ESOP taxation laws. All appeals were dismissed, affirming the treatment of stock option income as salary and rejecting the deduction claim under u/s 54F. Case-Laws Income Tax Thu, 31 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291133