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2018 (11) TMI 647 - DELHI HIGH COURTPenalty u/s 271(1)(c) - ESOP claim u/s 37 - Held that:- It is pointed out that the ITAT granted relief in this regard for A.Y. 2007-08 and that order was upheld by this Court in Principal Commissioner of Income Tax-6 Vs. New Delhi Television Ltd. [2016 (7) TMI 1486 - DELHI HIGH COURT] The judgment of this Court shows that the substantive addition under Section 37, was held to be not unwarranted. The Court had approved the ITAT order which had in turn relied upon the ruling of the Tribunal in Biocon Limited v. DCIT [2013 (8) TMI 629 - ITAT BANGALORE]. Besides, the Madras High Court had taken a similar view in CIT Chennai v. PVP Ventures Ltd. [2012 (7) TMI 696 - MADRAS HIGH COURT]]. Furthermore, we notice that the assessee’s ESOP claim under Section 37 for the previous year 2006-07 too had been upheld by the Tribunal – which was affirmed by this Court. In these circumstances no question of law arises in this matter.
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