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Medha Servo Drives Pvt. Ltd. Versus ACIT, Cir-16 (2) , Hyderabad.

2013 (1) TMI 917 - ITAT HYDERABAD

ITA No.1351/Hyd/2012 - Dated:- 31-1-2013 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER Appellant by : Sri V.Siva Kumar Respondent by : Smt. Vidisha Kalra ORDER Per Saktijit Dey, Judicial Member: The assessee has fil .....

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ng to disallowance of expenditure claimed for an amount of ₹ 3,90,000/- towards allotment of equity shares to the employees under the Employee's Stock Option Scheme (ESOP). 3. Briefly the facts are, the assessee a private limited company is .....

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cer noticed that the assessee during the relevant previous year had allotted 3,900 equity shares of ₹ 100 each to its employees under the ESOP and has debited the cost of such share amounting to ₹ 3,90,000/- to the profit and loss account .....

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by holding it to be contingent and notional in nature. 4. The assessee challenged the disallowance by filing an appeal before the CIT (A). The CIT (A), however, sustained the disallowance by holding that the expenditure claimed is notional. 5. At the .....

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ision of the Hon'ble Madras High Court in case of CIT V/s. PVP Ventures Limited in TC(A) No.1023 of 2005 dated 19-6-2012 and decisions of Income-tax Appellate Tribunal, Chandigarh Bench in case of ACIT V/s. Spray Engineering Devices Limited (23 T .....

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ned Departmental Representative on the other hand strongly supported the orders of the lower authorities. 7. We have heard rival submissions and perused the materials on record. The only issue to be decided in the present appeal is whether the allotm .....

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rom record that similar issue in case of the assessee came up for consideration before the co- ordinate bench of this tribunal for the assessment years 2003-04 and 2004-05 in ITA Nos. 1099/Hyd/2006 and ITA No.1114/Hyd/2008 dated 30-12-2010. The co-or .....

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ent of shares to employees under ESOP. The same view was again followed by this Tribunal in assessee's appeals for the assessment years 2005-06 and 2006-07 in ITA Nos. 1189 and 1190/Hyd/2009 dated 1-2-2011. The decision of the Hon'ble Madras .....

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