CURADEV PHARMA PVT. LTD.,NEW DELHI vs. ACIT, CIRCLE- 6(2), NEW DELHI

ITA 7187/DEL/2017Status: DisposedITAT Delhi01 November 2021AY 2013-1414 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that admitting additional evidence would serve the interest of justice and help answer the queries raised by the CIT(A). Therefore, the matter was remanded back to the CIT(A) for reconsideration.

What were the facts?

The assessee claimed ESOP expenses and R&D expenses. The Assessing Officer and CIT(A) disallowed these expenses, holding them to be notional, capital in nature, or not substantiated. The assessee sought to admit additional evidence before the ITAT.

What were the issues?

Whether ESOP expenses and R&D expenses are deductible revenue expenditures, and whether additional evidence should be admitted for reconsideration by the lower appellate authority.

Which sections of the Income-tax Act were involved?

Section 37(1),Section 35(1)(iv),Section 35(2)(ia),Section 32(1)(ii)

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Income Tax Appellate Tribunal, DELHI BENCH ‘B’, NEW DELHI

Before: Sh. Amit ShuklaDr. B. R. R. Kumar

Hearing: 04.08.2021Pronounced: 01.11.2021

Per Dr. B. R. R. Kumar, Accountant Member:

The present appeal has been filed by the assessee against the order of ld. CIT(A)-15, New Delhi dated 17.12.2015. 2. Following grounds have been raised by the assessee:

“1. That on the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (Appeals) (hereinafter referred to as ‘Ld. CIT(A)’) erred on facts and in law by confirming the disallowances made by the Ld. Assessing Officer (hereinafter referred to as 'Ld. AO’).

2.

That on the facts and in the circumstances of the case, the Ld. CIT(A) erred on facts and in law by confirming the disallowance made by the Ld. AO of the expenses incurred under employee stoc

The order continues below.

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