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2022 (4) TMI 24 - AT - Income TaxDiscount on share under the ESOP as an allowable deduction - HELD THAT:- The assessee has not placed on record the stock of option plan 2009, namely, "Flight Raja Employees Stock Option Plan 2009" nor the further amended plan vide "Flight Raja Employees Stock Option Plan 2013" (ESOP). The Hon'ble High Court in the case of CIT v. Biocon Limited [2020 (11) TMI 779 - KARNATAKA HIGH COURT] had held that deduction of discount on ESOP is to be spread over the vesting period in accordance with the accounting in the books of account. The assessee has not produced the employee stock option plan 2009 and the amended plan, hence, we are not in a position to determine whether the vesting was in a graded manner over the period of four years or not. Therefore, in the interest of justice and equity, the matter is restored to the files of the A.O. A.O. is directed to follow the judgment of the Hon'ble jurisdictional High Court in the case of CIT v. Biocon Limited [2020 (11) TMI 779 - KARNATAKA HIGH COURT] - AO shall afford a reasonable opportunity of hearing to the assessee. The assessee shall cooperate with the A.O. for the expeditious disposal of the matter.
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