2019 (8) TMI 1771

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....hri K. Seshadri, CA ORDER PER BEENA PILLAI, JUDICIAL MEMBER : Present appeal has been filed by revenue against order dated 21/03/19 passed by Ld. CIT (A)-4, Bangalore for assessment year 2015-16 on following grounds of appeal: 1. The Order of the Ld.CIT (A) is opposed to the law and facts of the case. 2. The CIT (A) was not justified in allowing ESOP expenses to the asse....

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.... to add, alter, amend and/or delete any of the grounds that may be urged. 2. It is observed that only issue alleged by revenue is in respect of allowance of ESOP expenditure during the year. Both parties submitted that, issue stands settled in favour of assessee by decision of Special Bench in case of Biocon Ltd vs DCIT reported in (2013) 35 taxman.com 335. Ld.AR further submitted that the view....

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....a capital expenditure. 4.2 It is observed that Ld. CIT (A), while deciding the issue has looked into the merits of the case are as under: "6.2. It is seen that during the year employees were allotted 34.485 equity shares at the face value of Rs. 2 per share. The expenditure in the appellant's hands was thus calculated in the following manner. Particulars Amount Fair market val....

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....the ESOPs were due and have been exercised and allotted during the previous year. Sweat equity shares have also been issued and allotted during the year. This is also clear from the board resolutions (PB 80-81,82 & 83) and returns of allotment filed with the ROC(PB70 to74 ,75 to 79). 6.5 It is seen that during the year, the assessee had allotted equity shares and the same were issued and ....