https://www.taxtmi.com/caselaws?id=758801 ITAT Kolkata held that assessee can make fresh claims before appellate authorities as limitation for revised returns applies only to assessing officer's powers, not appellate authorities. Regarding ESOP expenses, the tribunal allowed deduction under section 37, overturning AO's rejection. AO had denied claim stating no actual expenditure was incurred by company towards ESOP cost. Tribunal relied on precedents including Biocon Ltd. and Shriram City Union Finance Ltd. to establish eligibility for ESOP expenditure deduction. Assessee's appeal was allowed. en-us Mon, 26 Aug 2024 00:00:00 +0530 Wed, 18 Sep 2024 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758801 ITAT Kolkata held that assessee can make fresh claims before appellate authorities as limitation for revised returns applies only to assessing officer's powers, not appellate authorities. Regarding ESOP expenses, the tribunal allowed deduction under section 37, overturning AO's rejection. AO had denied claim stating no actual expenditure was incurred by company towards ESOP cost. Tribunal relied on precedents including Biocon Ltd. and Shriram City Union Finance Ltd. to establish eligibility for ESOP expenditure deduction. Assessee's appeal was allowed. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758801