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2017 (4) TMI 1380 - AT - Income TaxDisallowance as expenses incurred for issue of shares under ESOP - as per DR assessee has claimed ESOP expenditure which is in the nature of notional loss and not real loss and the same cannot be allowed to be set off with the business profits - Held that:- Revenue has filed letter dated 08.06.2016 in respect of claim in the earlier year by the assessee on issue of shares by ESOP and the decision of the Jurisdictional High Court M/s. Pvp Ventures Ltd., (2012 (7) TMI 696 - MADRAS HIGH COURT) was not accepted by the Department and the Revenue has filed SLP before Apex Court and issue is pending. We follow the Jurisdictional High Court decision which is binding on the states of Tamilnadu and Puducherry and mere filing of SLP before the Apex Court, the Tribunal cannot take a different view and follow the judicial precedence. Hence, we are not inclined to interfere with the order of the CIT(A) who dealt on facts and Hon'ble High Court decision and allowed the appeal and Accordingly we upheld the CIT(A) order and dismiss the grounds of appeal of the Revenue.
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