ASST CIT (LTU) 1, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

ITA 3691/MUM/2016Status: DisposedITAT Mumbai29 August 2022AY 2009-1075 pages
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What did the Tribunal hold?

The Tribunal held that the discount on ESOPs represents an ascertained liability and is an allowable expenditure under Section 37(1) of the Income Tax Act. The revenue's appeals on this issue were dismissed.

What were the facts?

The assessee, engaged in pharmaceutical manufacturing and sales, filed returns for multiple assessment years. The appeals involved issues related to transfer pricing adjustments, deductions under Sections 80IB and 80IC, and the allowability of Employees' Stock Option Scheme (ESOP) expenses.

What were the issues?

The key issues were the correctness of transfer pricing adjustments, eligibility of certain income for deductions under Sections 80IB and 80IC, and the deductibility of ESOP expenses as a business expenditure.

Which sections of the Income-tax Act were involved?

Section 92CA,Section 80IB,Section 80IC,Section 37(1),Section 43(1),Section 32(1)(iia),Section 17(2)(iiia)

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Cases cited in this judgment(9)Show list

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Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

Before: SHRI PRASHANT MAHARISHI, AM & SHRI PAVAN KUMAR GADALE, JM

For Appellant: Shri F.V. Irani, AR
For Respondent: Shri Sumit Kumar, DR
Hearing: 22.07.2022Pronounced: 29.08.2022

Heard together (5 matters)

ITA No. 8084/Mum/2010
ITA No. 2493/Mum/2015
ITA No. 3811/Mum/2016
ITA No. 2815/Mum/2015
ITA No. 5227/Mum/2016

Read from the judgment's own cause title. This page is filed under one of them.

PER PRASHANT MAHARISHI, AM:

01.

This is the bunch of 10 appeals pertaining to M/s IPCA Laboratories Limited (the appellant/ assessee) for A.Ys. 2005- 06 to 2010-11 filed by the as

The order continues below.

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