https://www.taxtmi.com/caselaws?id=314415 The ITAT Ahmedabad ruled on multiple tax issues. ESOP expenses were allowed as revenue deduction under section 37(1), following Biocon Ltd and PVR Ltd precedents, as the discount on employee stock options constitutes remuneration for securing employee services, not capital expenditure. Section 14A disallowance was deleted since no exempt income was earned during the year, consistent with SC rulings in State Bank of Patiala and Chettinad Logistics. Education cess was disallowed as deduction following Chambal Fertilisers and retrospective amendment to section 40(a)(ii). PF/ESI contributions were disallowed under section 36(1)(va) as employee contributions weren't deposited within prescribed time limits, following SC decisions in Harrisons Malayalam and Checkmate Services. en-us Wed, 25 Jan 2023 00:00:00 +0530 Fri, 07 Jun 2024 20:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314415 The ITAT Ahmedabad ruled on multiple tax issues. ESOP expenses were allowed as revenue deduction under section 37(1), following Biocon Ltd and PVR Ltd precedents, as the discount on employee stock options constitutes remuneration for securing employee services, not capital expenditure. Section 14A disallowance was deleted since no exempt income was earned during the year, consistent with SC rulings in State Bank of Patiala and Chettinad Logistics. Education cess was disallowed as deduction following Chambal Fertilisers and retrospective amendment to section 40(a)(ii). PF/ESI contributions were disallowed under section 36(1)(va) as employee contributions weren't deposited within prescribed time limits, following SC decisions in Harrisons Malayalam and Checkmate Services. Case-Laws Income Tax Wed, 25 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314415