https://www.taxtmi.com/caselaws?id=756150 The ITAT Ahmedabad allowed the assessee's appeal on two key issues. First, regarding disallowance of interest under Section 14A read with Rule 8D, the Tribunal held no disallowance was warranted as the assessee's own funds exceeded investments in exempt income yielding securities, following precedent from assessment year 2010-11. Second, concerning ESOP expenses, the Tribunal upheld CIT(A)'s deletion of addition, ruling ESOP expenses were allowable business deductions under Section 37. The decision was supported by the Biocon Ltd. HC precedent, proper disclosure to AO, actual exercise of options by employees, and appropriate TDS deduction by the company. en-us Wed, 24 Jul 2024 00:00:00 +0530 Sat, 27 Jul 2024 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756150 The ITAT Ahmedabad allowed the assessee's appeal on two key issues. First, regarding disallowance of interest under Section 14A read with Rule 8D, the Tribunal held no disallowance was warranted as the assessee's own funds exceeded investments in exempt income yielding securities, following precedent from assessment year 2010-11. Second, concerning ESOP expenses, the Tribunal upheld CIT(A)'s deletion of addition, ruling ESOP expenses were allowable business deductions under Section 37. The decision was supported by the Biocon Ltd. HC precedent, proper disclosure to AO, actual exercise of options by employees, and appropriate TDS deduction by the company. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756150