https://www.taxtmi.com/caselaws?id=460228 ITAT Mumbai held that disallowance under section 14A was not warranted as investments were in growth funds yielding no dividend income and secured loans were solely for vehicle purchases. Only suo moto disallowance of Rs.50,000 was sustained, with balance deletions allowed. ESOP expenses were allowed as deductions in the year stock options were granted, with liability ascertained upon employee exercise. Share buyback was not treated as colourable device for avoiding dividend distribution tax, with payments not constituting deemed dividend under section 115O, considering Indo-Mauritius DTAA provisions. Revenue's appeal was dismissed. en-us Wed, 27 Jul 2016 00:00:00 +0530 Wed, 15 Jan 2025 20:53:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460228 ITAT Mumbai held that disallowance under section 14A was not warranted as investments were in growth funds yielding no dividend income and secured loans were solely for vehicle purchases. Only suo moto disallowance of Rs.50,000 was sustained, with balance deletions allowed. ESOP expenses were allowed as deductions in the year stock options were granted, with liability ascertained upon employee exercise. Share buyback was not treated as colourable device for avoiding dividend distribution tax, with payments not constituting deemed dividend under section 115O, considering Indo-Mauritius DTAA provisions. Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460228