https://www.taxtmi.com/caselaws?id=425034 The Tribunal allowed the appeal of the assessee, directing the deletion of the disallowance of ESOP expenditure under section 37(1) of the Income-tax Act. The Tribunal held that the ESOP cost is deductible as revenue expenditure, following precedents and the circular on Fringe Benefit Tax. Consequently, the penalty proceedings under section 271(1)(c) were deemed unnecessary. The Tribunal also overturned the dismissal of the appeal by the CIT(A) based on the Vivad Se Vishwas Scheme, finding it erroneous. en-us Mon, 27 Jun 2022 00:00:00 +0530 Thu, 14 Jul 2022 08:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425034 The Tribunal allowed the appeal of the assessee, directing the deletion of the disallowance of ESOP expenditure under section 37(1) of the Income-tax Act. The Tribunal held that the ESOP cost is deductible as revenue expenditure, following precedents and the circular on Fringe Benefit Tax. Consequently, the penalty proceedings under section 271(1)(c) were deemed unnecessary. The Tribunal also overturned the dismissal of the appeal by the CIT(A) based on the Vivad Se Vishwas Scheme, finding it erroneous. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425034