https://www.taxtmi.com/caselaws?id=765060 The ITAT Delhi quashed a revision order u/s 263 regarding ESOP expenses claimed by the assessee. The PCIT had contended that the AO failed to conduct adequate inquiry before allowing ESOP deductions paid to parent company in Mauritius. The ITAT held that the AO had properly verified the claim, noting the assessee provided complete details in the TP report, employee lists, valuation reports, and proper accounting treatment per ICAI guidelines. The shares were listed on NASDAQ making market prices readily available. The ITAT found the revision order unsustainable as adequate inquiry was conducted, allowing the assessee's appeal. en-us Wed, 22 Jan 2025 00:00:00 +0530 Fri, 24 Jan 2025 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765060 The ITAT Delhi quashed a revision order u/s 263 regarding ESOP expenses claimed by the assessee. The PCIT had contended that the AO failed to conduct adequate inquiry before allowing ESOP deductions paid to parent company in Mauritius. The ITAT held that the AO had properly verified the claim, noting the assessee provided complete details in the TP report, employee lists, valuation reports, and proper accounting treatment per ICAI guidelines. The shares were listed on NASDAQ making market prices readily available. The ITAT found the revision order unsustainable as adequate inquiry was conducted, allowing the assessee's appeal. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765060