Assessee's appeal allowed on interest disallowance u/s 14A. ESOP expenses allowed as business expenditure u/s 37, following Biocon case.

Assessee's appeal allowed regarding disallowance of interest u/s 14A as its own funds exceeded investments yielding exempt income. CIT(A) rightly deleted disallowance of ESOP expenses, being allowable business expenditure u/s 37, following Biocon Ltd. case. ESOP scheme was part of annual report, details disclosed during assessment. ESOP expenses reflected as perquisites, TDS deducted, not contingent in nature since claimed on actual exercise. ITAT upheld CIT(A)'s decision on ESOP expenses. .....

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