https://www.taxtmi.com/caselaws?id=469785 The Explanation inserted in section 14A by the Finance Act, 2022 was treated as prospective, so it could not be used to enlarge disallowance for an earlier assessment year where exempt income had not accrued or arisen; the disallowance was also limited to the exempt income earned during the year. ESOP discount was treated as allowable revenue expenditure under section 37(1), consistent with settled authority, subject to proper year-wise apportionment over the vesting period based on options granted and perk value. en-us Mon, 10 Mar 2025 00:00:00 +0530 Fri, 03 Jul 2026 19:00:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469785 The Explanation inserted in section 14A by the Finance Act, 2022 was treated as prospective, so it could not be used to enlarge disallowance for an earlier assessment year where exempt income had not accrued or arisen; the disallowance was also limited to the exempt income earned during the year. ESOP discount was treated as allowable revenue expenditure under section 37(1), consistent with settled authority, subject to proper year-wise apportionment over the vesting period based on options granted and perk value. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469785