https://www.taxtmi.com/caselaws?id=417634 The Tribunal quashed the Principal Commissioner of Income Tax's revision order regarding the allowability of Employee Stock Option Scheme (ESOP) expenses, holding that the Assessing Officer had conducted sufficient inquiries and the assessee had correctly debited the expenses in the year of vesting. The Tribunal upheld the revisionary jurisdiction on the provision of interest under Section 234D. The direction to initiate penalty proceedings under Section 271(1)(c) was deemed premature. As a result, the appeals for both assessment years were partly allowed. en-us Wed, 19 Jan 2022 00:00:00 +0530 Thu, 27 Jan 2022 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417634 The Tribunal quashed the Principal Commissioner of Income Tax's revision order regarding the allowability of Employee Stock Option Scheme (ESOP) expenses, holding that the Assessing Officer had conducted sufficient inquiries and the assessee had correctly debited the expenses in the year of vesting. The Tribunal upheld the revisionary jurisdiction on the provision of interest under Section 234D. The direction to initiate penalty proceedings under Section 271(1)(c) was deemed premature. As a result, the appeals for both assessment years were partly allowed. Case-Laws Income Tax Wed, 19 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417634