TaxTMI 
TaxTMI 
2019 (8) TMI 1771
X X X X Extracts X X X X
X X X X Extracts X X X X
....NA 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 assessee ignoring the fact that it is not a revenue ex....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 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 has been upheld by Hon'ble Delhi High Court and Hon'ble Madras High Court in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e 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 value of 34,485 equity shares as per valuation reports 3,59,21,750 Less: Face value (34.485 shares x....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d 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 debited to their books of accounts. 6.6 The Hon'ble ITAT in the case of Spray Engineering Devices Ltd and SSI Ltd. Have held th....