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Medha Servo Drives Pvt. Ltd. Versus ACIT, Cir-16 (2) , 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 filed this appeal being aggrieved by the order dated 31-7-2012 of CIT (A)-V, Hyderabad passed in ITA No.289/DC 16(2)/CIT (A)-V/09-10 pertaining to the assessment year 2007-08. 2. The only issue arising out of the grounds raised by the assessee is relati .....

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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. The Assessing Officer asked the assessee to explain as to how the said amount is eligible to be allowed as expenditure u/s 37(1) of the Act. The Assessing Officer after considering the explanation of the assessee disallowed the expenditure claimed .....

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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 Taxman Com. 267) and Income-tax Appellate Tribunal, Chennai Bench in case of SSI Limited V/s. DCIT 85 TTJ 1049 urged for allowing the expenditure as it is an ascertained liability and allotment of shares was done following SEBI guidelines. 6. The lear .....

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