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2022 (12) TMI 1416 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - suo motu disallowance made by assessee - HELD THAT:- As decided in Joint Investment [2015 (3) TMI 155 - DELHI HIGH COURT] that such a disallowance ought not to exceed the corresponding exempt income itself. The fact also remains that the assessee’s suo motu disallowance as already exceeds the sum which has nowhere been contested during the course of hearing. We, therefore, direct the AO to restrict the impugned section 14A r.w.r. 8D disallowance to a lump sum figure of Rs. 50,000/- each in both these assessment years Disallowance of “ESOP” (Employee Stock Options) deduction u/s.37 - HELD THAT:- This tribunal’s very recent order in assessee’s case itself [2022 (9) TMI 239 - ITAT PUNE] rejected the Revenue’s arguments discount on ESOP being a general expense, is an allowable deduction u/s 37(1) of the Act during the years of vesting on basis of percentage of vesting during such period subject to upward or downward adjustment at the time of exercise of option as following case of Biocon Ltd [2020 (11) TMI 779 - KARNATAKA HIGH COURT] - Decided in favour of assessee.
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