https://www.taxtmi.com/caselaws?id=448257 ITAT Delhi allowed the assessee's claim for ESOP cost deduction made in revised return. The tribunal found that assessee provided sufficient evidence including invoices, bank statements, audited financials, and ESOP policy documents. ESOP expenses were properly taxed as perquisites in employees' hands with TDS deducted. CIT(A) erred in confirming AO's disallowance despite recording assessee's detailed rebuttal without proper evaluation. ITAT relied on judicial precedents from Delhi HC, Karnataka HC, and Madras HC establishing ESOP expenditure as allowable deduction. The revised return was filed within prescribed time limits under section 139(5), making the deduction claim valid and allowable. en-us Fri, 12 Jan 2024 00:00:00 +0530 Fri, 03 Jul 2026 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448257 ITAT Delhi allowed the assessee's claim for ESOP cost deduction made in revised return. The tribunal found that assessee provided sufficient evidence including invoices, bank statements, audited financials, and ESOP policy documents. ESOP expenses were properly taxed as perquisites in employees' hands with TDS deducted. CIT(A) erred in confirming AO's disallowance despite recording assessee's detailed rebuttal without proper evaluation. ITAT relied on judicial precedents from Delhi HC, Karnataka HC, and Madras HC establishing ESOP expenditure as allowable deduction. The revised return was filed within prescribed time limits under section 139(5), making the deduction claim valid and allowable. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448257