M/S Novozymes South Asia Put Ltd. v. ACIT

168 ITD 529Income Tax Appellate Tribunal2018#10278 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2025.

Sections most often in play

Section 37(1)Section 43DSection 35DSection 14ASection 234ASection 41Section 8D(2)Section 143(3)

Issues it is cited on

section 43dsection 35dsection 41interest u/s 234arevenue expendituredisallowance u/s 14asection 43section 37(1)capital expendituresection 37section 234asection 14a

Judgments citing M/S Novozymes South Asia Put Ltd. v. ACIT

DCIT, MUMBAI vs. KOTAK MAHINDRA BANK LIMITED, MUMBAI

The appeal of the assessee is allowed for statistical purposes and the appeal of the Revenue is dismissed

ITA 4829/MUM/2025[2022-23]Status: DisposedITAT Mumbai26 Nov 2025AY 2022-23

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal a/wFor Respondent: Shri Ritesh Misra, CIT-DR
Section 35DSection 37(1)

…/M/2018 dated 27.08.2019, the disallowance was deleted by CTT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT 2(3)(1), MUMBAI

The appeal of the assessee is allowed for statistical purposes and the appeal of the Revenue is dismissed

ITA 4501/MUM/2025[2022-23]Status: DisposedITAT Mumbai26 Nov 2025AY 2022-23

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal a/wFor Respondent: Shri Ritesh Misra, CIT-DR
Section 35DSection 37(1)

…/M/2018 dated 27.08.2019, the disallowance was deleted by CTT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

FAIRBRIDGE CAPITAL PRIVATE LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME-TAX, MUMBAI - 6, MUMBAI, MAHARASHTRA

In the result, appeal of the assessee is allowed

ITA 3626/MUM/2025[2020-21]Status: DisposedITAT Mumbai24 Oct 2025AY 2020-21
For Appellant: \nMs. Chandni Shah a/w Mr. Hardik Nirmal andFor Respondent: \nShri Vivek Perampurna, CIT, D/R [virtually
Section 143(3)Section 263

…eliance has also been placed on following judicial precedents wherein the\nemployee share-based cost is allowed as a deduction:\n• M/S Novozymes South Asia Put Ltd v. ACIT [2021] IT(TP)A no. 894/Bang/2018\n(Bangalore)\n• DCIT v. Kotak Mahindra Bank Ltd [2018] 168 ITD 529 (Mumbai)\n•ACIT v. Spray Engineering Devices Limited [2012] TS-516-ITAT-2012 (Chand)\n• CIT v. PVP Ventures Ltd [2012] 211 Taxman 554 (Madras)\n• SSI Limited. v. DCIT [2004] 85 TTJ 1049 (Chennai)\n2. 8. Additionally, the Guidance Note of ICAI states that if the shares or stock options\ngranted do not vest until the employee completes a specified…

DCIT-2(3)(1), MUMBAI vs. KOTATK MAHINDRA BANK LTD, MUMBAI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 5110/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…/M/2018 dated 27.08.2019, the disallowance was deleted by CIT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LTD, MUMBAI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 5075/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…/M/2018 dated 27.08.2019, the disallowance was deleted by CIT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT, MUMBAI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 4950/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…/M/2018 dated 27.08.2019, the disallowance was deleted by CIT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT, MUMBAI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 4946/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…/M/2018 dated 27.08.2019, the disallowance was deleted by CIT(A). Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ITANo. 781/782/mum/2018, ITA No. 2817/Mum/2016 and 168 ITD 529(Mum). 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the companies for almost last two decades, has been to grant of Employee Stock Op…

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LTD, MUMBAI

In the result, **appeal of the Revenue is dismissed

ITA 4103/MUM/2023[2019-20]Status: DisposedITAT Mumbai07 Jan 2025AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar**

Section 143(3)Section 144BSection 41(1)

…/2018 dated 27.08.2019**, the disallowance was deleted by CIT(A).Besides, the same is allowed in favour in respondent's own case by ITAT Mumbai in **ITA No. 4056 & others/Mum/2023,ITA No. 3267 to 3269/Mum/2019,ΙΤΑΝο. 781/782/mum/2018,ITA No. 2817/Mum/2016 and 168 ITD 529(Mum).** - 27. Rewarding employees through share-based benefit schemes has been an effective tool for the companies to not just recognise their contribution to the company but also retain them by imbibing a sense of belonging and ownership. One such scheme, popular among the ![](_page_22_Picture_5.jpeg) companies for almost last two decades, has…

ASST CIT LTU, MUMBAI vs. AMBUJA CEMENTS LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 6405/MUM/2013[2007-08]Status: DisposedITAT Mumbai07 Nov 2022AY 2007-08
Section 143(3)Section 28

…ee by decisions of the coordinate benches in assessee‟s own cases for the preceding assessment year, copies of which were also placed before us. We also find that in a rather recent order of the Tribunal, in the case of DCIT Vs Kotak Mahindra Bank Ltd [(2018) 168 ITD 529 (Mum)] and taking note of the special bench decision in the case of Biocon Ltd. v. Dy. CIT (LTU) [(2013) 144 ITD 21 (Bang)], has decided the said issue in favour of the assesee. We see no reasons to take any other view of the matter than the view so taken by the coordinate benches in assessee‟s own case. Respectfully following the same, we hold t…

JINDAL STEEL & POWER LTD.,NEW DELHI vs. ACIT, HISAR

In the result, the appeal of the assessee is partly allowed

ITA 893/DEL/2014[2009-10]Status: DisposedITAT Delhi29 Apr 2019AY 2009-10

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner Of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (Appellant) (Respondent) Pan No. Aaacj7079D Assessee By : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing :05.03.2019 Date Of Pronouncement : 29.04.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer U/S 143(3)/144C(13) Of The Income Tax Act, 1961 Dated 29.10.2018 For Assessment Years 2013-14

For Appellant: Sh. Salil Kapoor, AdvFor Respondent: Sh. Sanjay I. Bara, CIT DR
Section 143(3)Section 144CSection 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHE ‘I-1’, NEW DELHI Before Sh. Bhavnesh Saini, Judicial Member And Sh. N. S. Saini, Accountant Member ITA No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (APPELLANT) (RESPONDENT) PAN No. AAACJ7079D Assessee by : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue by : Sh. Sanjay I. Bara, CIT DR Date of Hearing :05.03.2019 Date of Pronouncement : 29.04.2019 ORDER Per N.…

M/S Novozymes South Asia Put Ltd. v. ACIT (168 ITD 529) — Cited in 10 Judgments | BharatTax