EDELWEISS ASSET MANAGEMENT LTD,MUMBAI vs. ACIT, CIRCLE-3(1)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

251(1)(a) r.w. Explanation sent enhancement notice asking the assessee to explain why the ESOP of expenses should not be disallowed. The assessee submitted that the amount claimed as ESOP expenses is arising out of the difference between the market value and offer price on the date of exercise in respect of shares offered to employees under the ESOP